MacDougall compared export ratios and labor productivity ratios for the United States and the United Kingdom in order to test the
A) classical theory.
B) the Heckscher-Ohlin theory.
C) the Linder hypothesis.
D) All of the above.
A
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Markets can be missing:
A. because a market is taxed. B. when the sale of a particular service is banned. C. when miscommunication of information between buyers and sellers leads to the wrong equilibrium price. D. All of these are true.
Which of the following is the formula for velocity?
a. Velocity = nominal GDP/real GDP b. Velocity = real GDP/M c. Velocity = (P × Y)/(M × V) d. Velocity = nominal GDP/M
The three ways government can alter aggregate demand are:
A. Agriculture subsidies, science & technology subsidies, and education grants. B. Provide or deny food, clothing, and shelter. C. Nationalization of private businesses, institution of price controls, and Pigouvian taxes on externalities. D. Tax the Internet, close the bars, and ban football. E. Government spending, tax policy, and transfer of income
The voting system for most elections in the United States is called:
A. first-past-the-post voting. B. pair-wise majority voting. C. instant runoff voting. D. approval voting.