There is a tremendous range in productive performance around the world
a. True
b. False
A
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According to this Application, during the late 1980s, Argentina pegged its currency to the U.S. dollar. When the dollar appreciated sharply on world markets after 1995, this caused a large trade deficit in Argentina because
A) Argentina could no longer afford to purchase as many imported products. B) Argentinean exports grew relative to the nation's imports. C) U.S. exports to Argentina declined. D) Argentinean exports became relatively more expensive in global markets.
What is similar about the income effect and the substitution effect?
a. Both describe an individual worker’s response to higher wages. b. Both explain reasons workers choose to take time off. c. Both can be depicted as an upward sloping curve d. Both relate to the collective supply of labor.
Suppose that lenders want to receive a real rate of interest of 5 percent and that they expect inflation to remain steady at 2 percent in the coming years. Based on this, lenders should charge a nominal interest rate of:
A. 3 percent. B. 7 percent. C. 2 percent. D. 5 percent.
Which of the following is NOT a function of money?
A. unit of accounting B. store of value C. standard of deferred payment D. medium of stored value