Which is true?
a. strong property laws encourage property owners to start businesses
b. corrupt legal systems discourage economic growth
c. a strong financial system allows those with entrepreneurial ideas access to funding
d. all
Ans: d. all
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Which of the following would cause a decrease in the supply of milk?
A) an increase the price of a product that producers sell instead of milk B) an increase in the price of cookies (assuming that milk and cookies are complements) C) an increase in the number of firms that produce milk D) a decrease in the price of milk
Creating conditions for fair trade by limiting imports will make the domestic consumers better off, as they will be required to pay low prices for the products
a. True b. False Indicate whether the statement is true or false
Policy makers who believe that the costs of inflation are very high will tend to favor which of the following during an inflationary gap?
a. moderate fiscal stimulus, no monetary stimulus b. fiscal and monetary tightness c. moderate monetary stimulus, fiscal tightness d. strong fiscal and monetary stimulus
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.