An international organization formed with the aim of promoting world economic growth through financial stability is called
A) the International Finance Corporation. B) the International Monetary Fund (IMF).
C) the International Development Association. D) the World Bank.
B
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______ is the percentage change in hours worked divided by the percentage change in wages—will determine the shape of the labor supply curve.
a. Elasticity of savings b. Cross-price elasticity of demand c. Income elasticity of demand d. Wage elasticity of labor supply
Which of the following is a major area of disagreement between activists and nonactivists?
a. Activists believe discretionary macroeconomic policy can be applied in a manner that will enhance economic stability. Nonactivists disagree. b. Activists believe monetary policy is more potent than fiscal policy. Nonactivists disagree. c. Activists believe changes in monetary and fiscal policy exert their effects instantaneously. Nonactivists think they work only with a substantial lag. d. Nonactivists think macroeconomic policy is sometimes motivated by the pursuit of political gain. Activists disagree.
Refer to Figure 18.2. Which of the following is not consistent with a shift from AS2 to AS1?
A. A major natural disaster such as an earthquake. B. A decrease in business taxes. C. Stagflation. D. An inward shift of the production possibilities curve.
If nominal Gross Domestic Product (GDP) in 2020 was $3,000 billion, and the price level index was 330 (2000 = 100), then real Gross Domestic Product (GDP) in terms of the price level in 2020 was about
A. $105 billion. B. $537 billion. C. $4,220 billion. D. $909 billion.