The open-economy macroeconomic model includes
a. only the market for loanable funds.
b. only the market for foreign-currency exchange.
c. both the market for loanable funds and the market for foreign-currency exchange.
d. neither the market for loanable funds nor the market for foreign-currency exchange.
c
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Based on the current state of revenue of the Social Security and Medicare programs, the government has two options for funding, which are
A) raising payroll taxes or cutting benefits. B) raising payroll taxes or raising benefits. C) cutting payroll taxes or cutting benefits. D) cutting payroll taxes or raising benefits.
In a Malthusian world, what would improve the standard of living temporarily?
A) a war B) a new virus C) birth control D) democracy
Constant returns to scale (CRS) implies that when the firm ________
A) doubles all inputs, output more than doubles B) doubles all inputs, output doubles C) doubles all inputs, output increases by less than 100 percent D) doubles all inputs, output remains constant E) none of the above
An increase in congestion costs associated with a public good provided through clubs will _____
a. lead to new clubs being formed b. lead to a reduction in the optimal size of the club c. be unrelated to congestion costs d. lead to fewer clubs being formed