In the last decade, health care spending in the U.S. nearly doubled
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is likely to happen if the government raises tax rates?
A) Unemployment will fall. B) Investment will increase. C) Price level will rise. D) Consumption will decrease.
The rationing function of price
A) occurs when there is a movement of resources into or out of markets as a result of changes in the equilibrium market price. B) is also known as the guiding function of price. C) occurs when consumers change their tastes and preferences. D) occurs only when the market experiences severe shortages.
Between 1870-1910, quantitative evidence shows very little, if any growth in bushels produced per acre for crops like corn and wheat. Which of the following statements correctly depicts the situation of farmers during this period?
a. Although output per acre was not growing, increased labor productivity allowed farmers to earn profits. b. Farmers exited corn and wheat production due to lack of profits in these crops. c. Because output per acre was not growing, farmers were forced to produce corn and wheat on farms of 60 acres or less. d. Corn and wheat production became concentrated in the Great Lakes region, where small farms were common after the Civil War.
Assume that the central bank sells government securities in the open market. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the real GDP and current international transactions in the context of the Three-Sector-Model? State your answer after the macroeconomic system returns to complete equilibrium
a. Real GDP falls and the current international transactions balance becomes more negative (or less positive). b. Real GDP rises and the current international transactions balance becomes more negative (or less positive). c. Real GDP and the current international transactions balance remain the same. d. Real GDP rises and the current international transactions balance remains the same. e. There is not enough information to determine what happens to these two macroeconomic variables.