Farming in poor countries is considered to be ___________ intensive because __________.
A. labor; labor is typically relatively cheaper than machinery in poor countries
B. capital; the labor used is concentrated, spread thinly across a lot of capital
C. labor; the tools in poor countries are more plentiful than the people
D. capital; the tools in poor countries are relatively cheaper than the cost of using people in poor countries
A. labor; labor is typically relatively cheaper than machinery in poor countries
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What determines the acceptability of dollar bills as a medium of exchange?
A) our society's willingness to use green paper notes issued by the Federal Reserve as money B) the willingness of the Federal Reserve to redeem dollar bills for gold C) the willingness of the U.S. Treasury to redeem dollar bills for gold D) the public's fear that failing to accept dollar bills will trigger a hyperinflation
Suppose we are working with the simplest possible Keynesian-cross multiplier, but with the permanent-income hypothesis figured in. If k = 0.88,
and j = 0.25, the multiplier of a $1 change in government spending goes from ________ in the short run to ________ in the long run. A) 8.33, 1.28 B) 1.28, 8.33 C) 8.33, 4.00 D) 1.13, 4.00 E) 4.54, 8.33
Which of the following did not happen during the onset of the Great Depression?
a. The money supply fell as households took money out of bank deposits. b. The Fed conducted expansionary monetary policy. c. Stock prices fell about 90 percent. d. Disruption of the banking system made it difficult for some firms to obtain funds for investment.
In the basic Keynesian model, a tax cut:
A. increases potential output. B. reduces potential output. C. increases short-run equilibrium output. D. reduces short-run equilibrium output.