How are the fundamental economic decisions determined in North Korea?
A) Individuals, firms, and the government interact in a market to make these economic decisions.
B) These decisions are made by the country's elders who have had much experience in answering these questions.
C) The government decides because North Korea is a centrally planned economy.
D) The United Nations decides because North Korea is a developing economy.
Answer: C
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Which of the following is correct?
A. SMC = PMC - MD B. MPB = MSB + MEB C. SMC = PMC + MD D. MSC = MPB E. MSB = MSC + MPB
Assuming price elasticity of demand is reported as an absolute value, an elastic demand has an elasticity:
A. greater than one. B. greater than zero and less than one. C. exactly one. D. less than one.
A highly liquid asset
A. must be held for a substantial period of time. B. generally has a very limited market for its resale. C. can be disposed of easily without loss of value. D. has high transaction costs associated with its sale.
Both the International Monetary Fund and the World Bank were established
A. in the 1970s. B. at the end of World War II. C. at the end of World War I. D. at the end of Korean War.