Ceteris paribus, when used by economists, means
A. all other things equal.
B. for every action, there is a reaction.
C. things never change.
D. buyer beware.
Answer: A
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What are some of the forms that central planning has taken in developing nations today?
What will be an ideal response?
If an economist is talking about international institutions, governments, and NGOs and the policies that oversee international markets, they are talking about
A) international financial architecture. B) the role of the IMF. C) international exchange rate regimes. D) foreign direct investment.
Suppose a country imposes new restrictions on how many hours people can work. If these restrictions reduce the total number of hours worked in the economy, but all other factors that determine output are held fixed, then
a. productivity and output both rise. b. productivity rises and output falls. c. productivity falls and output rises. d. productivity and output fall.
Which is assumed to be most limited in scope under a market system?
A. Freedom of choice. B. Government. C. Competition. D. Freedom of enterprise.