The invisible hand concept used to describe the guiding function of prices was developed by:
a. Henry George
b. Milton Friedman
c. Adam Smith
d. John Kenneth Galbraith
c. Adam Smith
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The above figure shows how many pounds of peanuts farmers are willing to sell at different prices per pound of peanuts. If the price of a pound of peanuts is $1 and the price of a pound of pecans is $2, peanut farmers are willing to sell
A) no peanuts. B) 1000 pounds of peanuts. C) 2000 pounds of peanuts. D) 4000 pounds of peanuts.
Central banks often intervene in currency markets. This activity is called
A) managed floating. B) fixing exchange rates. C) currency warfare. D) super-pegging. E) flexible floating.
A bank has $8,000 in deposits and $6,000 in loans. It has loaned out all it can given the reserve requirement. It follows that the reserve requirement is
a. 2.5 percent. b. 33.3 percent. c. 25 percent. d. 75 percent.
Suppose a country's debt rises by 6% and its GDP rises by 8%. What happens to the debt-GDP ratio?
A) It rises if there is a budget deficit that period. B) It falls. C) It rises. D) There is insufficient information to answer the question.