There is a significant positive relationship between ________ and __________
a. natural resource commodity exports, high levels of per capita GDP
b. investment in capital, high levels of per capita GDP
c. high levels of illiteracy, high levels of per capita GDP
d. limited government recognition of land tenure and property ownership, high levels of per capita GDP
b
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If workers and firms know that the Federal Reserve is following an expansionary monetary policy, workers and firms will expect inflation to ________ and will adjust wages so that the real wage ________
A) decrease; decreases B) increase; remains unchanged C) increase; increases D) increase; decreases
Explain the infant industry argument case against free trade
What will be an ideal response?
Figure 10-5
In Figure 10-5, which graph best illustrates the situation of an economy near full employment that experiences an increase in autonomous consumer spending?
a.
(1)
b.
(2)
c.
(3)
d.
(4)
Figure 9.1 represents the market for used bikes. Suppose buyers are willing to pay $200 for a plum (high-quality) used bike and $50 for a lemon (low-quality) used bike. Initially buyers believe that 50% of used bikes in the market are lemons (low quality). Compared to the outcome with neutral expectations, how many fewer bikes are sold in equilibrium?
A. 8 B. 12 C. 18 D. 22