Regarding economic growth and income levels, which of the following is true?
a. Poor countries are unable to ignite the growth process unless they receive financial aid from richer countries.
b. Countries that lack an abundance of natural resources have been unable to grow and achieve high income levels.
c. Countries with a large population relative to their land area are destined to remain poor.
d. Countries that fail to adopt institutions and policies supportive of trade, entrepreneurial discovery, and private investment will remain poor in the foreseeable future.
Ans: d. countries that fail to adopt institutions and policies supportive of trade, entrepreneurial discovery, and private investment will remain poor in the foreseeable future.
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The nominal wage rate is the
A) minimum hourly wage that a company can legally pay a worker. B) average hourly wage rate measured in the dollars of a given reference base year. C) minimum hourly wage rate measured in the dollars of a given reference base year. D) average hourly wage rate measured in current dollars. E) wage rate after inflation has been adjusted out of it.
The value of the U.S. dollar bill is determined by
A) the quantity of gold in Fort Knox. B) the quantity of gold in the Federal Reserve. C) the quantity of gold in circulation. D) the gold futures market. E) none of the above.
A change in the supply of labor, all else remaining the same, will shift the short-run aggregate-supply curve
a. True b. False Indicate whether the statement is true or false
When the Fed decreases the money supply, we expect
a. interest rates and stock prices to rise. b. interest rates and stock prices to fall. c. interest rates to rise and stock prices to fall. d. interest rates to fall and stock prices to rise.