Mercantilism was a system in which all of the following were true except:
A. governments limited growth by protecting monopolies.
B. governments encouraged growth by supporting trading activities.
C. economic rather than social forces controlled the central economic decisions.
D. political rather than social forces controlled the central economic decisions.
Answer: C
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Rank the following goods from most elastic to least elastic: The Economic Way of Thinking (11th ed.), economics textbooks, textbooks
A) The Economic Way of Thinking (11th ed.), economics textbooks, textbooks B) The Economic Way of Thinking (11th ed.), textbooks, economics textbooks C) Economics textbooks, The Economic Way of Thinking (11th ed.), textbooks D) Textbooks, economics textbooks, The Economic Way of Thinking (11th ed.) E) None of the above.
Which of the following is not assumed to be constant along a money demand curve?
a. The price level b. The interest rate c. Real GDP d. Nominal GDP e. Individual's tastes and preferences