A soil bank program usually accompanies a price ceiling program in agriculture
Indicate whether the statement is true or false
F
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Many communist dictators ban the adoption of new technologies to:
A) enhance economic growth. B) discourage creative destruction. C) encourage creative destruction. D) reduce inequality in income.
Members of Congress are able to influence monetary policy, albeit indirectly, through their ability to
A) withhold appropriations from the Board of Governors. B) withhold appropriations from the Federal Open Market Committee. C) propose legislation that would force the Fed to submit budget requests to Congress, as must other government agencies. D) instruct the General Accounting Office to audit the foreign exchange market functions of the Federal Reserve.
The process by which identical products that are tradeable converge to the same price is called
A) arbitrage. B) hedging. C) speculation. D) risk aversion.
If both labor demand and labor supply fall, what will happen to the real wage, employment, and output?
a. The real wage will increase, real output will increase, but the effect on employment depends upon the magnitudes of the shifts. b. The real wage will increase, but the effects of employment and real output depend upon the magnitudes of the shifts. c. The real wage, employment, and real output will all decrease. d. Employment and real output will decrease, but the effect on the real wage depends upon the magnitudes of the shifts. e. The real wage, employment, and real output will all increase.