Some economists believe that the Asian crisis in 1997
A) could have been avoided if stronger action had been taken by major countries and international agencies.
B) was inevitable since most of the economies were experiencing slow economic growth.
C) was made worse by the refusal of the IMF to take any actions.
D) was necessary to rid those economies of inflation.
A
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According to Keynes' fixed money wage theory, when the price level is higher than expected the real wage is ____ than expected and unemployment is ______ than expected
a. lower; lower b. higher, higher c. lower; higher d. higher; lower
Social Security taxes are paid by
A) employers only. B) employees only. C) both employers and employees. D) neither employers nor employees.
Productivity is defined as: a. the ratio of a specific measure of output to a specific measure of input
b. the production of worthwhile goods and services. c. the market value of goods, services, and resources produced per time period (e.g., per year). d. average input divided by average output. e. total input divided by average output.
A monopolistically competitive market has characteristics that are similar to
a. a monopoly only. b. a competitive firm only. c. both a monopoly and a competitive firm. d. neither a monopoly nor a competitive firm.