Abundance of natural resources is a necessary but not sufficient condition for economic growth
a. True
b. False
Indicate whether the statement is true or false
False
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What is the pricing rule that achieves an efficient outcome for a regulated monopoly? What is the problem with this rule?
What will be an ideal response?
The interest rate the Fed charges on loans it makes to banks is called
a. the prime rate. b. the federal funds rate. c. the discount rate. d. the LIBOR.
The four categories of final users of GDP are:
A. businesses, firms, governments, and the foreign sector. B. households, firms, governments, and the foreign sector. C. businesses, corporations, firms, and farms. D. households, the Federal Reserve, governments, and the foreign sector.
The Lucas critique is an attack on the usefulness of
A) conventional econometric models as forecasting tools. B) conventional econometric models as indicators of the potential impacts on the economy of particular policies. C) rational expectations models of macroeconomic activity. D) the relationship between the quantity theory of money and aggregate demand.