What was not a problem with using commodity money in the US colonies prior to 1700?
a. Very few people were willing to accept commodities as payment.
b. Commodity spoilage rates were high.
c. Controlling the quality of payments made with commodities.
d. High storage costs of commodities.
a. Very few people were willing to accept commodities as payment.
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Why do multinational corporations typically pay vastly different wage rates for the same work in different countries?
A) Prospective employees have much better alternative opportunities in some countries than in others. B) The cost of living is much lower in some countries than in others. C) The demand for labor is much more elastic in some countries than in others. D) Supply and demand determine wage rates in some countries but not in others. E) Unions exist in some countries but not in others.
Which of the following was NOT part of the financial deregulation of the 1970s and 1980s?
A) Banks could pay interest on checking accounts. B) Banks could issue checkbooks for savings accounts. C) Institutions other than banks could offer money-market mutual funds, from which checks could be written. D) All of the above were part of the deregulation.
Assume the economy is initially in equilibrium where potential GDP equals real GDP
If the expected inflation rate, the term structure effect, and the default-risk premium are constant and the Fed wants to lower the inflation rate, the Fed could ________ the target short-term nominal interest rate, which will result in real GDP being ________ potential GDP. A) increase; greater than B) increase; less than C) decrease; greater than D) decrease; less than
If company X is successfully outsourcing its production of T-shirts to China, it is
a. Creating wealth by moving labor in China from lower value use to higher value use b. Should be stopped on economic grounds since it is destroying wealth c. Destroying wealth by acquiring cheaper labor from China d. Both A & C