Why does the United States tend to use more capital-intensive methods than many other places?
a. Machinery is relatively expensive in the United States.
b. Wages are relatively low in the United States.
c. Labor is relatively expensive in the United States.
d. Machinery is relatively scarce in the United States.
c. Labor is relatively expensive in the United States.
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Which of the following would not be part of a person's wealth?
a. a $100,000 inheritance b. $100,000 in a savings account c. $100,000 of corporate stock d. a $100,000 mortgage on a home e. a $10,000 family car
When the Fed wants to expand the money supply through open market operation, it
a. sells government securities to the Treasury. b. sells government securities to member banks. c. buys government securities from member banks. d. buys government securities from the Treasury.
When people shop more frequently and transfer money out of their bank account more often in an effort to help avoid the loss in purchasing power of cash, they bear the _____ costs of inflation
a. menu b. shoe-leather c. unit-of-account d. direct
Social choice involves all of the following except
A. understanding the incentives facing politicians and public servants. B. consistently efficient decisions through the use of majority rule voting. C. deciding what society wants. D. aggregating over individual preferences.