From 1970 to 2007 the quantity of M1 fell from 20 percent of GDP to less than 10 percent. This change is because the ownership of credit cards ________ during this time period since ________
A) expanded from 18 percent to 76 percent; credit cards became more widely available and utilized
B) expanded from 18 percent to 76 percent; there were several recessions during that period
C) fell from 76 percent to 18 percent; credit cards became less widely available and utilized
D) remained unchanged; credit cards do not affect the quantity of money
E) fell from 76 percent to 18 percent; there were several recessions during that period
A
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According to the classical model, if there are too many elementary school teachers in the labor market,
a. the government should institute a retraining program to give the unemployed teachers new job skills b. the wages for elementary teachers will fall, eventually causing the number of excess teachers to shrink c. the wage for elementary teachers will increase for those who are employed, but unemployment of teachers will remain high d. this situation provides an example of cyclical unemployment, which often occurs in the long run e. people will quit training to become elementary school teachers and soon there will be a shortage in this labor market
More than half of the labor force in developing countries is devoted to agriculture, and about 3/4 of output in these countries comes from agriculture
Indicate whether the statement is true or false
What is an "export subsidy"?
a. a payment by one government to another for exports b. a payment (or other benefit) to domestic firms by their government to help them sell exports more cheaply c. the rule that says all exports must be taxed before they leave the port d. a provision that exporters must get their payments indirectly through a third party
The single most important factor in the 1992 crisis of the EMS was
A) ratification of the Single European Act. B) the near failure of the Maastricht Treaty. C) German reunification efforts. D) the outbreak of war in the former Yugoslavia.