Contracts are enforced by
a. the firms that make the contracts through buy-out clauses
b. law firms that specialize in contract enforcement
c. corporations specializing in contract writing and enforcement
d. the government through the judicial system
e. both households and firms through customer relations departments
D
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In Taylor Rule equation, high value of parameter a indicates that
A) Fed cares more about avoiding recessions and high unemployment than about avoiding inflation. B) Fed cares more about avoiding inflation than about avoiding recessions and high unemployment. C) Fed cares more about avoiding recessions than about avoiding high unemployment. D) Fed cares more about avoiding high unemployment than about avoiding recessions.
The major difference between a closed economy and an open economy is that a(n)
a. closed economy balances budget, while an open economy does not. b. open economy is a market economy, while a closed economy relies on planning. c. open economy interacts with the rest of the world, while a closed economy does not. d. closed economy keeps political affairs secret, while an open economy does not.