In the early 1960s South Korea was an extremely poor country. However, in 1963, the country began a remarkable economic ascent. What was a direct cause of this?
A) a shift in strategy that emphasized exports rather than imports
B) an increase in wages
C) an increase in the labor force
D) an increase in the money supply
E) an emphasis on education, leading to a highly productive labor force
A
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Keynes was motivated to create a macroeconomic theory different from classical theory because
A) he believed in government intervention in the economy. B) he believed in the idea of the invisible hand. C) monetary policy was more important than the classicals acknowledged. D) classical theory was inconsistent with the data in the Great Depression.
If there is a leftward shift of the money demand curve, which of the following should the Fed do if it wants to keep the price level stable?
a. Lower its interest rate target b. Sell bonds in the open market c. Wait, since the price level does not usually change when the money demand curve shifts d. Raise its interest rate target e. Buy bonds in the open market
As the interest rate rises, people hold ________ money in non-interest-bearing checking accounts instead of savings accounts because the opportunity cost of holding money has ________.
A. more; risen B. less; fallen C. less; risen D. more; fallen
To maximize profits, an unregulated natural monopolist would choose which combination of price and output in Figure 27.1?
A. P1, Q1. B. P4, Q4. C. P2, Q2. D. P3, Q3.