Fill in the blank: According to the text a commercial society cannot develop successfully in the absence of ________
A) the rule of law
B) low interest rates
C) central economic planning
D) massive government works projects
E) perfect and complete information
A
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If the Fed wants to lower the nominal interest rate in the long run, the Fed ________ the growth rate of the quantity of money
A) raises B) first lowers and then raises C) lowers D) does not change E) None of the above answers is correct because the premise of the question is wrong since the Fed cannot affect the nominal interest rate, only the real interest rate.
Rio Tinto's incentive to adopt new robotic technology was increased by the high wages it was having to pay to attract miners and truck drivers. In this instance, Rio Tinto began using new robotic technology to
A) substitute labor for capital in production. B) add labor as a complementary resource for its capital. C) add capital as a complementary resource for its labor. D) substitute capital for labor in production.
What describes the graphical relationship between average product and marginal product?
A) Average product cuts marginal product from above, at the maximum point of marginal product. B) Average product cuts marginal product from below, at the maximum point of marginal product. C) Marginal product cuts average product from above, at the maximum point of average product. D) Marginal product cuts average product from below, at the maximum point of average product. E) Average and marginal product do not intersect.
The international organization with the sole goal of promoting global antipoverty efforts is the
A) World Bank. B) International Monetary Fund. C) Board of Governors of the Federal Reserve System. D) GAE.