An international organization providing low-cost loans and grants to developing nations is the
a. International Monetary Fund.
b. Group of Seven.
c. World Bank.
d. United Nations.
c. World Bank.
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A(n) ________ in aggregate demand will result from a decrease in ________
A) decrease; inflation B) increase; taxes C) increase; the budget deficit D) increase; government purchases
For every choice a person makes it can be assumed that
A) the chooser has full knowledge of the situation. B) some opportunity cost was involved. C) there is a fifty-fifty chance the choice was the wrong one. D) a good is involved and satisfaction is gained.
Economists have said that deregulation of the electric utility industry might lead to increased prices in the short run, but prices will fall in the long run. In this context:
a. the short run means the middle of next year. b. the short run means the period after all adjustments have been made, and the quantities of all resources have been varied as necessary. c. the long run means after all adjustments have been made, the quantities of all resources have been varied as necessary, and new market entrants begin producing electricity. d. the short run means the period after new firms begin producing electricity. e. the long run means approximately ten years.
The Hicks Paradox concerns the irrationality of
A. union dues. B. strikes. C. negotiating additional fringe benefits for union workers at the cost of receiving lower wages. D. unions. E. substituting low-skill labor for high-skill labor.