Research for industrially advanced countries indicates that:
the more independent the central bank, the higher the average annual rate of unemployment.
the more independent the central bank, the higher the average annual rate of inflation
the more independent the central bank, the lower the average annual rate of inflation
there is no relationship between the degree of independence of a country’s central bank and its inflation rate.
The business cycle depicts:
short-run fluctuations in output and employment
the phases a business goes through from when it first opens to when it finally closes
fluctuations in the general price level
the evolution of technology over time
The primary gain from international trade is:
increased employment in the domestic export sector
increased employment in the domestic import sector
more goods than would be attainable through domestic production alone
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