The term "recovery" refers to the maximum point of the business cycle
a. True
b. False
Indicate whether the statement is true or false
False
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East Asian economies have grown
A) rapidly because of high saving rates. B) rapidly despite a lack of property rights. C) slowly because of a lack of property rights. D) slowly because of low saving rates. E) rapidly because they virtually eliminated international trade.
For an increasing cost industry, the long-run supply curve has a(n) elasticity of supply
a. infinite. b. negative. c. positive. d. zero.
What is Jim's opportunity cost of operating his own business?
a. the total amount of money he puts into capital equipment b. the value of his labor that is put into the business c. the cost of hiring his laborers d. All of the above are correct.
Assume that the central bank sells government securities in the open market. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to real GDP and the nominal value of the domestic currency in the context of the Three-Sector-Model? State your answer after the macroeconomic system returns to complete equilibrium
a. Real GDP rises and nominal value of the domestic currency falls. b. Real GDP falls and nominal value of the domestic currency remains the same. c. Real GDP and nominal value of the domestic currency remain the same. d. Real GDP rises and nominal value of the domestic currency remains the same. e. There is not enough information to determine what happens to these two macroeconomic variables.