A positive network externality associated with a good:
A. is not associated with the value of a good in any way.
B. yields more intrinsic value than without it.
C. yields more extrinsic value but less intrinsic value from its consumption.
D. results in less intrinsic or extrinsic value.
B. yields more intrinsic value than without it.
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Belgium's real GDP per person is $33,000 and Austria's is $34,700. The population growth rate in Belgium is 0.13 percent and the growth rate of real GDP is 3.0 percent
The population growth rate in Austria is 0.08 percent and the growth rate of real GDP is 3.3 percent. If these growth rates continue, how many years will it take for Belgium's real GDP per person to equal Austria's real GDP per person? A) Belgium's standard of living will never equal Austria's. B) just over 23 years C) just over 24 years D) just over 21 years E) over 230 years
The theory of comparative advantage suggests that nations should produce a good if they:
a. have the lowest opportunity cost. b. have the lowest wages. c. have the most resources. d. can produce more of the good than any other nation.
When implementing monetary policy, the variable the Federal Reserve watches most closely is the
a. required reserve ratio b. federal funds rate c. long term bond rate d. national debt e. short term corporate bond rate
If there is currently a surplus of dollars, which of the following would you expect to see in the foreign exchange market?
A) The dollar will appreciate. B) The dollar will depreciate. C) There will be a decrease in the demand for dollars. D) There will be a decrease in the supply of dollars.