Which statement is true?
A. Most poor people are black.
B. Most poor people are Hispanic.
C. About one child in six lives in poverty.
D. Old people have a higher poverty rate than children.
C. About one child in six lives in poverty.
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The quantity of money in an economy is $9 million, and the velocity of circulation is 3. Nominal GDP in this economy is ________
A) $6 million B) $9 million C) $3 million D) $27 million
The loanable funds market brings together savers and borrowers to determine the
a. marginal rate of return on investment b. rate of time preference c. market rate of interest d. marginal resource cost of investment e. marginal revenue product of investment
In determining the exchange rate between U.S. dollars and Swiss francs, all of the following are assumed constant along the supply curve for francs except one. Which is not assumed constant?
a. U.S. interest rates b. Swiss income c. expected rates of inflation in the United States d. expected rates of inflation in Switzerland e. the price of the Swiss franc
If the price of a resource is raised, according to the substitution effect, ________; according to the output effect, _________, thereby lowering the employment of all resources.
Fill in the blank(s) with the appropriate word(s).