Gorbachev's reforms were called
a. loans for shares
b. de-democratization
c. the Liberman reform
d. perestroika
e. none of the above
D
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If firms in a monopolistically competitive market are earning negative economic profits, it is likely that:
A. firms will enter the market. B. firms will exit the market. C. the firms in the market will shut down immediately. D. the firms in the market will expand to try to capture lower costs per unit.
The use of money for exchange and trade:
A. Increases the importance of barter B. Fosters more specialization in production C. Reduces consumer sovereignty D. Raises the need for a coincidence of wants
The real interest rate is 4 percent a year. When the inflation rate is zero, the nominal interest rate is approximately ________ percent a year; and when the inflation rate is 2 percent a year, the nominal interest rate is approximately ________
percent a year. A) 0; 2 B) 4; 6 C) 6; 8 D) 6; 4
What is the real GDP in year 1 using base year 1?
A) $418. B) $300. C) $360. D) $338.