Economists would classify all of the following as "land," except:
A. Two thousand acres of virgin forest
B. A hydroelectric dam
C. Crude oil reserves
D. Iron ore deposits
Answer: B
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If U.S. interest rates are higher than the world interest rates, we would expect the U.S. dollar to appreciate
a. True b. False Indicate whether the statement is true or false
One big difference between tariffs and quotas is that tariffs:
a. stimulate international trade while quotas inhibit it. b. generate tax revenues while quotas do not. c. hurt domestic producers while quotas help them. d. raise the price of a good while quotas lower it.
If the government owes $10.0 trillion and then borrows $700 billion more this year, this leads to
What will be an ideal response?
The idea that the economy operates like a complicated, predictable machine is an important aspect of
A) game theory. B) attrition theory. C) the theory of strategic interaction. D) time inconsistency theory. E) optimal control theory.