How does the Washington Consensus differ from the Santiago Consensus?
What will be an ideal response?
The Santiago Consensus stresses poverty alleviation and the government taking responsibility for poverty alleviation. The Washington Consensus was much more free market based. See the chapter for more details.
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The gap between potential GDP and real GDP had been as large as 7 percent during the worst of the 2007-2009 recession. By 2015, the gap
A) was positive, with real GDP exceeding potential GDP. B) had been eliminated. C) was still nearly 3 percent. D) remained at 7 percent.
Assuming an increase in money demand, then if the Federal Reserve
a. can keep the interest rate unchanged assuming that it changes the monetary base by the appropriate amount. b. would have to aim below their previous money stock target. c. would not have to cut taxes to keep output from falling. d. All of the above e. None of the above
If the law of diminishing returns applies to labor then
A) the marginal product of labor must eventually become negative. B) the average product of labor must eventually become negative. C) the marginal product of labor must rise and then fall as employment rises. D) the average product of labor must rise and then fall as employment increases. E) after some level of employment, the marginal product of labor must fall.
Which of the following would be the best example of a public good?
a. a candy bar b. a painting by Monet c. a taxi cab ride d. a beautiful sunset e. a crowded beach