Growth often requires:
A. concurrent improvements in many aspects of the economy.
B. governments to invest in one facet of the economy at a time, starting with education.
C. governments to invest in one facet of the economy at a time, starting with basic infrastructure.
D. governments to invest in one facet of the economy at a time, starting with leapfrog technology.
A. concurrent improvements in many aspects of the economy.
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Why are many economists skeptical of the Fed's ability to fine tune the economy?
A) Monetary policy only affects output in the long run. B) Lags in policy make it difficult to properly time policy. C) Fiscal policy can be implemented more quickly than monetary policy. D) Monetary policy does not have any effect on output.
If technological breakthroughs in the internet cause large numbers of firms to consider investment projects they hadn't previously thought of, then
A) a shift in the supply of loanable funds will cause interest rates to rise. B) a shift in the supply of loanable funds will cause interest rates to fall. C) a shift in the demand for loanable funds will cause interest rates to rise. D) a shift in the demand for loanable funds will cause interest rates to fall. E) there will be an excess supply of loanable funds.
All but one of the following are elements of the economic way of thinking. Which one is not part of the economic way of thinking?
a. Incentives matter. b. The value of goods can be determined objectively. c. Economic thinking is marginal thinking. d. Information is scarce.
Consider two scenarios for a nation's economic growth. Scenario A has real GDP growing at an average annual rate of 1%; scenario B has an average annual growth of 6%. The nation's real GDP would double in about
A. 72 years under scenario A, versus 18 years under scenario B. B. 36 years under scenario A, versus 12 years under scenario B. C. 72 years under scenario A, versus 12 years under scenario B. D. 36 years under scenario A, versus 9 years under scenario B.