Compared to those with less economic freedom, countries with more economic freedom generally have ____ per capita GDP levels and ____ growth rates.
What will be an ideal response?
higher; more rapid
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Based on the theory of purchasing power parity, in the long run, currencies of countries with significant inflation will tend to:
A. be flexible. B. appreciate. C. have nominal exchange rates. D. depreciate.
The gap in GDP between the United States and Europe can be explained by the fact that
A) income taxes are higher in the United States. B) prices are higher in the United States. C) equilibrium employment is higher in Europe. D) the Okun Gap is larger in the United States. E) U.S. labor is more productive than European labor.
Sarah initially used her cell phone mostly to make important business calls
However, when she was informed that henceforth her phone bills would be reimbursed by her employer, she started using her cell phone to make frequent calls to her friends and relatives. This behavior is an example of ________. A) moral hazard B) a negative externality C) the prisoners' dilemma D) the free-rider problem
When the Fed increases the money supply, interest rates
a. rise, causing velocity to fall. b. fall, causing velocity to fall. c. rise, causing velocity to rise. d. fall, causing velocity to rise.