Which of the following is most likely to help promote the efficient use of resources and rapid economic growth?
What will be an ideal response?
an open and capital market
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The failure of communism in a large number of countries is at least partly explained by
a. the fact that those countries relied absolutely on the invisible hand. b. the fact that those countries did little or nothing to restrict trade with other countries. c. the lack of information, on the part of central planners in those countries, about tastes and preferences in their economies. d. the lack of information, on the part of central planners in those countries, about how much authority the government had in affecting economic outcomes.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.
The above table shows the daily production possibilities for a nation. Given the production possibilities schedule in the above table, a combination of 75 televisions and 75 cars
A. cannot be produced by society, given its current level of resources and production technology. B. is attainable but involves the unemployment of some of society's resources. C. clearly illustrates the trade-off between televisions and cars. D. can be produced only if society is willing to have some of its resources used inefficiently.
In 2008, the Bank of England increased the country's money supply and lowered its interest rate. This policy was designed to
A) encourage people to buy more goods and services. B) shift the aggregate demand curve rightward. C) cause a movement up along the aggregate demand curve. D) Both A and B are correct.