M1 refers to:
a. the most narrowly defined money supply definition.
b. currency held by the public plus checking account balances.
c. the smallest of the money-supply definitions.
d. all of these.
d
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An expectation that encourages people to behave in a certain way
a. free enterprise b. traditional economy c. incentive d. safety net e. socialism
Constant returns to scale implies that if N and K both increase by 3% that
A) output (Y) will increase by 3%. B) Y/N will increase by 3%. C) Y/N will increase by less than 3%. D) the capital-labor ratio will increase by 3%.
A 2 percent increase in income increases the quantity demanded of a good by 1 percent. The income elasticity of demand for this good is _______. The good is a _______ good
A. 2; normal B. –2; inferior C. 1/2; normal D. 2; inferior
Productivity growth is the main cause of rising living standards.
Answer the following statement true (T) or false (F)