Macroeconomic forecasts are
a. precise; this makes policy lags less relevant.
b. precise; this makes policy lags more relevant.
c. imprecise; this makes policy lags less relevant.
d. imprecise; this makes policy lags more relevant.
d
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Why are Federal Reserve Notes (U.S. dollar bills) money in the U.S? Because
A) they are backed by gold. B) they are used as a general medium of exchange. C) they are created by the government. D) they would otherwise be useless. E) of all the above reasons.
For most developing countries
A) productivity is high among domestic workers. B) population growth and illiteracy rates are low. C) saving and investment levels are high. D) agricultural goods and raw materials constitute a high proportion of domestic output. E) pollution emissions are relatively low.
A 10 percent increase in the price of neckties leads to a 5 percent decrease in the quantity demanded of neckties. The absolute price elasticity of demand is
A) 3. B) 0.33. C) 0.5. D) 2.
If, with one unit of labor, the U.S. can produce 20 units of computer software and 10 units of computer hardware, and China can produce 6 units of software and 6 units of hardware, then trade can make
A. both better off. B. the U.S. better off but not China. C. neither better off. D. China better off but not the U.S.