In 2011, which country had the highest level of GDP per hour of work?
a. Spain
b. the United Kingdom
c. France
d. Japan
c
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The idea of time inconsistency explains procrastination by:
A. recognizing that we have several modes of decision making, and the less time we have to react, the worse the decision is. B. recognizing that our ability to remember long-term benefits when making decisions diminishes the closer the action becomes. C. recognizing that we have two modes of decision making, a "future-oriented" and a "present-oriented" self, who have conflicting objectives. D. recognizing that we never take long-term benefits into account.
In the classical model, the loanable funds market will clear when saving
a. equals investment plus government purchases minus net taxes b. equals net taxes c. equals investment d. equals investment plus government purchases e. minus taxes equals investment plus government purchases
Economists usually do not favor subsidies on specific products or in-kind payments to help low income people. This is because
A. the poor person could have increased utility if the same money used to subsidize a product would be given to them to use as they choose. B. economists are individualists who believe that helping the needy makes them dependent. C. in-kind payments suggest that the poor person does not have an indifference curve pattern from which to make choices. D. a subsidy means that the recipient does not face a budget line anymore and therefore cannot maximize his welfare efficiently.
The United States and most other countries utilized Keynes economic theory to attempt to escape from the Great Recession of 2007 - 2009 by increasing ________ ____________ and decreasing ______ ______ to stimulate the economy.
Fill in the blank(s) with the appropriate word(s).