Which of the following productive resources is considered ‘fundamentally different’ from other resources with respect to supply and diminishing returns?
A. labor.
B. land.
C. physical capital.
D. technology.
D. technology.
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In a laissez-faire economy, what determines the distribution of output?
What will be an ideal response?
Zoran, a Croatian citizen, only works in the United States. The value added to production from his employment is:
A) included in Croatian GDP. B) included only in U.S. GDP. C) included only in U.S. GNP. D) not included in either U.S. GDP or U.S. GNP.
When a central bank intervenes in the foreign exchange market to purchase a foreign currency, the transaction:
a. Increases the nation's monetary base and increases the reserves account in the balance of payments. b. Decreases the nation's monetary base and increases the reserves account in the balance of payments. c. Decreases the nation's monetary base and decreases the reserves account in the balance of payments. d. Changes neither the monetary base nor the reserves account. e. Increases the nation's monetary base and decreases the reserves account in the balance of payments.
Present bias occurs because there is a mismatch in the timing of benefits and costs.
Answer the following statement true (T) or false (F)