Farming profits are affected by all of the following costs except
A. Prices of clothing.
B. Fertilizer costs.
C. Interest rates.
D. Fuel costs.
Answer: A
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When the price level increases, total planned real expenditures on goods and services falls. All of the following are responsible EXCEPT
A) the interest rate effect. B) the real-balance effect. C) the substitution effect. D) the open economy effect.
Identify the main reason to expect convergence in the long run
a. Low-productivity countries learning from high-productivity countries b. Rapid growth in the supply of capital in low-productivity countries c. Educational attainment rising quickly in low-productivity countries d. Economic complacency and mismanagement in high-productivity countries
Suppose that firms in a competitive industry are earning positive economic profits. All else equal, in the long run, we would expect the number of firms in the industry to
a. increase. b. decrease. c. remain the same. d. We do not have enough information with which to answer this question.
The impact of fiscal policy is
A) magnified because of crowding out and weakened because of crowding in. B) magnified because of crowding in and weakened because of crowding out. C) magnified because of crowding out and crowding in. D) weakened because of crowding out and crowding in.