Which of the following is a land resource?
A. A farmer.
B. An oil drilling rig.
C. A machine for detecting earthquakes.
D. Natural gas.
Answer: D
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Learning curves mean
a. you learn from experience b. current production decreases future unit costs c. production today leads to lower costs in the future d. All of the above
If an economy were experiencing a high rate of unemployment as the result of insufficient aggregate demand, a Keynesian economist would favor:
a. a reduction in taxes coupled with a reduction in government expenditures of equal size. b. an increase in government expenditures coupled with an increase in taxes of equal size. c. a reduction in taxes, without any offsetting reduction in government expenditures. d. maintenance of a balanced budget.
If a bank lends funds in the form of cash, then:
a. M2 stays the same, but M1 rises. b. M1 and M2 fall. c. M1 and M2 do not change. d. M2 rises, and M1 falls. e. M1 and M2 rise.
U.S. exports involve an:
A. inflow of foreign currency from foreigners to the U.S. economy. B. outflow of dollars from the United States to foreigners. C. outflow of foreign currency from the United States to foreigners. D. inflow of dollars from foreigners to the U.S. economy.