Which of the following is an example of a nation with a traditional economy?
a. the national government has mandated that 100,000,000 tons of butter be produced each year
b. techniques used for growing wheat have been unchanged for centuries
c. due to high fuel prices, many fuel-efficient cars are being produced
d. economic authorities have ordered industry to produce tanks and heavy weaponry instead of food
Ans: b. techniques used for growing wheat have been unchanged for centuries
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Which of the following statements is correct?
I. The ERM used the Deutsche Mark as the base or center currency. II. The ERM allowed the Italian central bank autonomy over its policies. III. The ERM allowed the Bundesbank monetary autonomy. A) I only B) II only C) III only D) I, II, and III
Keynesians believe that the economy will never will reach a full employment equilibrium.
Answer the following statement true (T) or false (F)