The process by which new products and methods of production are continuously replacing old ones is known as
What will be an ideal response?
creative destruction.
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In most economies, resources are allocated by
A) a central planning board. B) a dictator. C) the combined and decentralized actions of millions of people. D) the majority's will.
Which of the following statements would be true for an economy that can be characterized as being to the right of its LM curve?
A) There is excess supply of money. B) There is excess demand for money. C) There will be a tendency for the level of output to increase. D) There will be a tendency for the interest rate to decrease.
The MP curve may be used to represent how ________
A) movements of the inflation rate are determined by the real interest rate B) monetary policy responds to changes in the real interest rate C) movements of the real interest rate are related to the inflation rate D) all of the above E) none of the above
Bartering is:
A. very efficient compared to using money. B. slightly inefficient compared to using money. C. just as efficient as using money. D. extremely inefficient compared to using money.