In an open economy, the price of a bushel of corn is ________.
A. $7
B. $1
C. $3
D. $5
Answer: D
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If the exchange rate goes from $2.00 = 1 € to $1.80 = 1 €, the result is a
A) 10% depreciation of the euro with respect to the dollar. B) 10% depreciation of the dollar with respect to the euro. C) 10% appreciation of the euro with respect to the dollar. D) None of the above.
Northeastern farmers responded to increasing western competition in the 1800s by
a. reducing grain cultivation. b. increasing production of dairy products. c. growing hay to feed city horses. d. moving to the city or the West. e. All of the above.
To compensate for the possibility of indirect crowding? out, a government engaging in expansionary policy aimed at eliminating a recessionary gap could
A) reduce taxes rather than increase government spending.
B) increase spending less than the simplest Keynesian model would predict.
C) both reduce taxes and reduce spending to be able to achieve full employment.
D) increase spending more than the simplest Keynesian model would predict.
According to behavioral economists, giving to charity:
A. contradicts the view that people are narrowly self-interested. B. appears unselfish but in fact is driven by self-interest. C. results from an ability to accurately calculate benefits and costs. D. is done solely to receive the utility from public recognition.