Differentiate between a closed economy and an open economy
What will be an ideal response?
A closed economy does not trade with the rest of the world while an open economy trades with the rest of the world.
Economics
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The reason that the Fisherman's Friend restaurant in Stonington, Maine had a monopoly on selling seafood dinners in that town is most likely due to
A) no competitors apparently found the profit level attractive enough to enter the market. B) the restaurant owned all the fresh seafood in the state. C) a government-imposed barrier. D) occupational licensing.
Economics
The subprime financial crisis caused a recession because of the ________ in adverse selection and moral hazard problems and the ________ in housing prices
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Economics