In 1860 government revenues exceeded the earnings of cotton exports by fourfold
Indicate whether the statement is true or false
False
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If gasoline prices rise by 20% and quantity demanded falls by 5%., then the price elasticity of demand is:
A) .05. B) .15. C) .20. D) .25. E) .40.
One criticism of the Fed's policy of forward guidance during the recession of 2007-2009 is that it contributed to a prolonged period of abnormally low interest rates, leading to speculative bubbles in stocks or other financial assets as investors
A) delayed purchasing these assets until interest rates rose. B) chose to sell off these assets due to the low returns on investment. C) borrowed at these low interest rates to buy these assets. D) switched from investing in these assets to assets with higher risks.
Suppose there is a technology to produce Grendels such that there are diseconomies of scale after the first unit is produced. There are both fixed (a physical plant called a lair) and variable (food that grows in lairs) costs of production. Which statement is true? a. No Grendels will be produced. b. Producing multiple units increases the average fixed cost. c. There will be no more than one
firm in this industry. d. It is cheaper to make five Grendels by buying five lairs and producing one Grendel in each lair than it is to produce five Grendels in one lair. e. This is an impossible situation.
In the balance of payments, any transaction that leads to a receipt by a resident of a country is a
A) minus item. B) debit item. C) surplus item. D) deficit item.