When a country adds more capital to its existing stock:
A. the additional productivity is less than the previous increases to productivity.
B. the additional productivity is more than the previous increases to productivity.
C. it experiences rapidly increasing rates of growth.
D. it experiences rapid declines in its level of income.
A. the additional productivity is less than the previous increases to productivity.
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A country with a high level of trade has what relationship to the balance of trade?
a. It must have a trade deficit. b. It must have a trade surplus. c. It exports equal its imports. d. It has no relationship to the balance of trade.
U.S. currency is
A. a commodity money B. tied to the value of gold at a fixed rate C. fiat money D. the only store of value
Refer to Figure 26-11. In the dynamic model of AD-AS in the figure above, if the economy is at point A in year 1 and is expected to go to point B in year 2, the Federal Reserve would most likely
A) decrease interest rates. B) not change interest rates. C) decrease the inflation rate. D) increase interest rates.
In general, the smaller the price elasticity:
a. the smaller the responsiveness of price to changes in quantity. b. the smaller the responsiveness of quantity to changes in price. c. the larger the responsiveness of price to changes in quantity. d. the larger the responsiveness of quantity to changes in price.