Economies with high growth rates tend to be those that have:
A. large amounts of natural resources.
B. a stable government that protects property rights.
C. high levels of government regulation.
D. a large defense budget.
Ans: B. a stable government that protects property rights.
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Figure 8-2
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In Figure 8-2, which of the following moves can be explained by a tax cut?
A. A to B B. A to C C. A to D D. A to E
Other things equal, the supply of index cards is likely to be affected by all of the following except one. Which is the exception?
a. the price of wood pulp used in the production of index cards b. the technology in the index card production process c. the price of index cards d. the price of packaging material (a substitute in production) e. the future price of index cards expected by producers
What distinguishes the short run from the long run?
A. In the short run, some inputs are fixed, and in the long run, some inputs are fixed. B. In the short run, all inputs are variable, and in the long run, all inputs are variable. C. In the short run, all inputs are variable, while in the long run, some inputs are fixed. D. In the short run, some inputs are fixed, while in the long run, all inputs are variable.
How will an increase in the efficiency of the payments mechanism effect velocity?
A. Velocity will decrease. B. Velocity will increase. C. Velocity will remain constant. D. Velocity is unrelated to payments.