Purchases of existing commodities, such as gold and precious gems, are considered investment spending by economists
a. True
b. False
Indicate whether the statement is true or false
False
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Based on this figure, if an exchange rate of $0.09 dollars per Norwegian krone is maintained, the Norwegian government will gain (in dollar) ________ worth of international reserves per period. 
A. 495 B. 5,500 C. 220 D. 605
Lorenz curves supposedly reflect the disparities of standards of living among people living in a society but they cannot take into account factors that can greatly affect the disparities. Among them are all the following except
a. the size of population b. the availability of public housing and housing subsidies c. national health care systems d. national education systems e. social security programs
Suppose a firm overpays its workers at the start of the job, and then the firm slowly lowers wages over time until eventually the firm pays the workers considerably less than the worker's marginal product of labor. What prevents this "reverse of a delayed-compensation scheme" from being implemented?
A. The firm would need to enforce a mandatory retirement age, which is illegal in the United States. B. Workers would leave the job as soon as the firm tried to pay the worker less than his or her value of marginal product. C. Workers prefer wages to increase over time. D. The workers would never have an incentive to invest in general training. E. The firm would fire the worker as soon as the worker's value of marginal product exceeded the worker's wage.
Suppose a quota on foreign-made automobiles is proposed in Congress. Which of the following groups is most likely to oppose the bill?
A. American Automobiles Manufacturers B. consumers C. American Steel Workers D. United Auto Workers