Which of the following is an example of a physical capital?
A) A factory B) A worker C) A stock D) A bond
A
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The vertical distance between the total cost curve and the total variable cost curve ________ as output increases and the vertical distance between the average total cost curve and average variable cost curve ________ as output increases
A) is constant; decreases B) decreases; is constant C) increases; decreases D) decreases; increases E) decreases; decreases
If we are in a horizontal region of the money demand curve, expansionary monetary policy has __________ effect on output and expansionary fiscal policy has __________ effect on output
A) no; no B) no; a strong C) a strong; no D) a strong; a strong
The economist who won the Nobel Prize in Economics in 1995, and whose name is closely connected with rational expectations theory, is
A) Robert Solow. B) Paul Samuelson. C) Milton Friedman. D) Robert Lucas. E) John Maynard Keynes.
In terms of timing, the 2003 tax rebate
A. was extremely poor in that it rapidly overheated the economy at the wrong time. B. was perfect because it unambiguously ended a recession. C. was enacted and implemented in a relatively short period of time. D. clearly arrived too late.