The sale and purchase of goods and services across national borders is known as _____.
a. entrepreneurship
b. importing
c. trade
d. exporting
e. angel investing.
Answer: c. trade
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If the economy is inflationary, the Fed would most likely:
a. encourage banks to provide loans by buying government securities. b. encourage banks to provide loans by raising the discount rate. c. encourage banks to provide loans by selling government securities. d. restrict bank lending by selling government securities. e. restrict bank lending by lowering the federal funds rate.
The major economic problem is to:
a. provide for full employment. b. eliminate scarcity. c. increase the standard of living. d. allocate limited resources among unlimited uses. e. increase leisure.
Economists usually have to make do with whatever data the world happens to give them
a. True b. False Indicate whether the statement is true or false
What does an efficient payment scheme in a principal/agent relationship depend on?