The emergence of English as the de facto world language ________ a comparative advantage in the production of books, movies and popular music.
A. has given non-English-speaking countries
B. has no effect on which country has
C. has given English-speaking countries
D. has given all countries
Answer: C
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Which of the following correctly distinguishes an active versus passive policy approach?
a. An active policy approach is restricted to open-market operations by the Fed, while a passive policy approach includes changes in the required reserve ratio, and fiscal stimulus in the form of government spending. b. An active policy approach is used to close a contractionary gap, while a passive policy approach is used to close an expansionary gap. c. An active policy approach is based on monetary aggregate targets, while a passive policy approach is addressed to interest rate stability. d. An active policy approach is based on the notion that discretionary fiscal or monetary policy can reduce the costs imposed by an unstable private sector. A passive approach is based on the idea that discretionary policy contributes to the instability of the economy and thus is part of the problem.
The defensive and offensive actions of the Fed differ because offensive actions are designed to:
A. change the current monetary policy while defensive actions are designed to reinforce the current monetary policy. B. reinforce the current monetary policy while defensive actions are designed to change the current monetary policy. C. tighten monetary policy and defensive actions are designed to ease monetary policy. D. ease monetary policy and defensive actions are designed to tighten monetary policy.