What is meant by the statement "People trade, not nations."
What will be an ideal response?
Nations are made up of groups of individuals. Nations as whole don't trade with each other but rather the individual consumers and businesses of those nations do the trading.
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Which of the following statements is consistent with the views of Joseph Schumpeter?
A) An economy benefits from firms having market power because these firms are more likely to be able to commit funds for research and development. B) Enforcement of antitrust laws is necessary to promote competition among firms. C) A lack of competition discourages firms from developing new technologies. D) Research and development by competitive firms is responsible for most technological changes.
In the Keynesian model, if interest rates rise above what people consider normal, households will respond by
A) increasing the saving rate. B) reducing the saving rate. C) holding more money. D) holding more bonds.