Which of the following is not a characteristic of less-developed countries?
A. high rates of illiteracy
B. high unemployment
C. low infant mortality rates
D. low savings and investment rates
Answer: C
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It is estimated that, on the average and taking account of skill differentials, union wages are
A) 100 percent higher than nonunion wages. B) less than nonunion wages. C) 10-25 percent higher than nonunion wages. D) 66 percent higher than nonunion wages. E) equal to nonunion wages.
The Great Depression was characterized by:
A. unemployment exceeding 25 percent. B. the Roaring Twenties. C. accelerated economic growth. D. firms rapidly expanding their borrowing rates.
If an economy produces 4,000 units of output with a price level of $2 and with a velocity of money of 8, we know that the money supply must be:
A. $1,000. B. $8,000. C. $2,000. D. $4,000.
Checking accounts are not considered a part of M1 money supply because checks are not legal tender and are usually not accepted as a medium of exchange
Indicate whether the statement is true or false