Which of the following is not generally considered to be an ingredient for economic growth?
a. Investment in human capital.
b. Political instability.
c. High savings rate and investment in capital.
d. Growth in technology.
e. Investment in infrastructure.
b
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Figure 5-5 shows a consumer budget line for French fries and hamburgers. If the household has $20 to spend, the price of hamburgers is
A. $1. B. $2. C. $4. D. $2.50.
An economy where private individuals guided by the invisible hand make decisions is known as a:
A. market economy. B. centrally planned economy. C. socialist economy. D. barter economy.
A fall in the U.S. price level will cause foreigners to:
A. substitute their own domestically-produced goods for U.S. goods. B. substitute U.S. goods for their own domestically-produced goods. C. buy more of their own domestically-produced goods. D. buy fewer U.S. goods.
Rational expectations are forecasts
A. that, while not necessarily correct, are the best that can be made given the available data. B. that are technically correct. C. that accurately predict the short-term trade-off between inflation and unemployment. D. made by economists using the most sophisticated econometric models.