A singular important link between politics and economics in LDCs is that
a. democracies are more productive than nondemocracies
b. democracies must constantly make difficult budgetary choices
c. political instability is incompatible with long-term private investment
d. conservatives prefer larger military budgets
e. liberals prefer higher education expenditures
C
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The U.S. and the Canadian currencies are the only two in the world that are called "dollars."
Indicate whether the statement is true or false
Fiat money has value because it
a. is backed by gold. b. can be used to buy goods and services. c. can be exchanged for precious metals at a fixed price. d. can be divided into smaller units. e. All of the above are correct.
Means-tested welfare benefits provide recipients with a strong incentive to:
A. leave welfare. B. work. C. underreport their earnings. D. accurately disclose their earnings.
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. lower; higher C. higher; potential D. higher; higher