The concept of "economic pessimism" stems from
A) the theory and empirical fact which states that developing nations face declining export prices relative to increasing import prices.
B) the fact that economic growth in an era of globalization is difficult to attain.
C) the fact that smaller countries would not enjoy comparative advantage unless they are allowed to subsidize some of their industries.
D) the fact that it is impossible to achieve desired economic development without adopting full democratic principles.
E) None of the above.
A
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The primary reason why the Fed cannot systematically surprise the public with its monetary policy is
A) the nonneutrality of money. B) the presence of productivity shocks that generate real business cycles independent of the monetary side of the economy. C) the presence of rational expectations among the public. D) the presence of propagation mechanisms within the economy.
By definition, the labor force participation rate is
A) the percentage of institutionalized working-age individuals who are employed or seeking employment. B) the percentage of noninstitutionalized working-age individuals who are employed or seeking employment. C) the annual rate of growth in the number of people who are either employed or searching for available jobs. D) the annual rate of growth in the number of people who are unemployed and searching for available government-provided unemployment benefits.