The Asian financial crisis was brought about by:
A. debt crisis.
B. exchange rate crisis.
C. excessive loss of national resources.
D. None of these statements is true.
B. exchange rate crisis.
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The term "market" in economics refers to
A) a group of buyers and sellers of a product and the arrangement by which they come together to trade. B) a legal institution where exchange can take place. C) an organization which sells goods and services. D) a place where money changes hands.
Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The aggregate surplus with the tax is:
A. $7.11 million. B. $3.56 million. C. $13.50 million. D. $10.67 million.
Price makers do not have market power
Indicate whether the statement is true or false
The average demand curve slopes downward due to all of the following EXCEPT
A) the law of increasing relative costs. B) the laws of diminishing marginal utility. C) the real-income effect. D) the principle of substitution.