Domestic Production

Question

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.

Question

​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

Question

​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

​tariff revenue

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