Labor is defined as cheap only if its productivity is very low
a. True
b. False
Indicate whether the statement is true or false
True
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When a temporary adverse supply shock hits a large open economy, it causes the current account to ________ and investment to ________
A) fall; fall B) rise; remain unchanged C) fall; remain unchanged D) rise; fall
In colonial America, ____________ was/were especially scarce, while the supply of _______________ was plentiful
a. land and labor; capital b. capital and labor; land c. land and capital; labor d. unskilled labor; skilled labor
Behavioral economists use findings from psychology to explain complex consumer behavior that cannot always be explained by traditional economic models
a. True b. False Indicate whether the statement is true or false
In 2005 and 2006, because of fears of inflation, the Fed:
a. increased interest rates which lead to higher monthly payments on fixed rate mortgages b. increased interest rates which lead to higher monthly payments on adjustable rate mortgages. c. decreased interest rates which lead to higher monthly payments on fixed rate mortgages. d. decreased interest rates which lead to higher monthly payments on adjustable rate mortgages.