The removal of some government controls over a market:
a. start-up costs
b. merger
c. patent
d. monopoly
e. deregulation
Answer: e. deregulation
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If the nominal interest rate is 10% and expected inflation is 5%, the real expected interest rate is
A) 15%. B) -5%. C) 5%. D) 10%.
Which of the following best represents the consumption function?
A) consumption = autonomous consumption + (the marginal propensity to consume × disposable income) B) consumption = disposable income - (autonomous consumption / the marginal propensity to consume) C) consumption = disposable income × (1 / 1 - the marginal propensity to consume) D) consumption = autonomous consumption + (the marginal propensity to consume × transfer payments) / disposable income
Transactions costs prevent purchasing power parity from holding because:
A. they make creating exchanges too costly in some places. B. they include the expense of transporting the goods to be sold in another country. C. the price of a good sold in another country must include the cost of getting it there, which can be high and cause a large price differential. D. All of these statements are true.
A tractor used to prepare land for planting is called
A. land. B. physical capital. C. labor. D. human capital.