Usury laws lead to a ________________ of loanable funds.
Fill in the blank(s) with the appropriate word(s).
shortage
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The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur?
A) Capital per hour worked grew rapidly from 1950 to 1980, but technological change occurred very slowly. B) The centrally planned economy invested too heavily in technological change. C) Increasing implementation of new technologies eventually suffered diminishing marginal returns. D) Capital per hour worked grew slowly, but technological change grew very rapidly.
A fixed exchange rate system crisis may be accompanied or followed by
A) unexpected gains of international reserves. B) revaluation of a currency. C) devaluation of a currency. D) gains in comparative advantage. E) deflationary pressures within the country.
“Fiscal policy” is the federal government’s plan for
A. international trade, designed to balance exports and imports. B. spending and taxes, designed to influence the level of aggregate demand. C. manipulating the money supply and the control of interest rates. D. All of the above are correct.
The demand for the product of a monopolistically competitive firm is highly elastic when
A. there is a lot of product differentiation. B. there are fewer firms in the industry. C. there are a lot of close substitutes. D. firms collude.