Which of the following is not included in the rules of the game?
a. The laws, customs, conventions, and other institutional elements associated with trade
b. Property rights
c. Ensuring that the market process generates a fair price for all
d. A stable political environment
e. A stable legal system
c
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Which of the following is a policy tool of the Fed?
i. setting the required reserve ratios ii. conducting open market operations iii. quantitative easing A) i only B) ii only C) iii only D) Both i and ii E) i, ii, and iii
GDP can be computed as the sum of
A) all sales that have taken place in an economy over a period of time. B) the total expenditures of consumers and business over a period of time. C) the total expenditures of consumption, investment, and government expenditure on goods and services over a period of time. D) the total expenditures of consumption, investment, government expenditure on goods and services, and net exports over a period of time.