One important factor that affects economic growth is
A) gold reserves.
B) the rate of saving.
C) which political party is in power.
D) the number of workers in heavy industry.
B
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The Federal Open Market Committee consists of the seven members of the ________, the president of the Federal Reserve Bank of New York, and ________
A) Council of Economic Advisors; four members of the U.S. Banking Committee B) Council of Economic Advisors; four presidents from the 11 Federal Reserve banks C) Federal Reserve's Board of Governors; four presidents from the other 11 Federal Reserve banks D) Federal Reserve's Board of Governors; four members of the Council of Economic Advisors
Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 40 units of clothing but no food. Suppose each has the utility function U = F1/2C1/2
If the price of clothing is always $1, and the food price is currently $3, then we can conclude A) the market is at a competitive equilibrium. B) the price of food will drop towards a competitive equilibrium. C) the price of food will increase towards a competitive equilibrium. D) None of the above.
A payment for a resource above the opportunity cost of the resource is
A) economic rent. B) social rent. C) nominal rent. D) real rent.
If the nominal interest rate is 8 percent and the real interest rate is 3 percent, then the inflation rate equals:
A. 5 percent. B. 8 percent. C. 11 percent. D. 3 percent.