If there is a decline in world autonomous consumption ________
A) the domestic real interest rate would fall
B) domestic investment would rise
C) net exports would fall
D) all of the above
E) none of the above
D
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An individual who is suffering from money illusion is more concerned with
A) real prices than with nominal prices. B) nominal prices than with relative prices. C) relative prices than with nominal prices. D) relative prices than with real prices.
Given two economic systems, A and B, if economy A has a comparative advantage in the production of widgets, then
A) the inputs necessary to produce widgets in economy A cost less than in economy B. B) economy A must give up less of all other goods to produce widgets than economy B. C) economy A is less efficient in the production of some goods than economy B. D) economy A would not benefit from the specialization of production.
Human capital differs from physical capital in that
a. human capital is intangible. b. human capital is tangible. c. physical capital is intangible. d. human capital has no cost to acquire.
Members of the Board of Governors of the Federal Reserve System are
A. elected by member banks to serve four-year terms. B. appointed by Congress for 14-year terms. C. appointed by the president for 14-year terms. D. appointed by the Supreme Court for lifetime terms.