Monetary policy affects employment
a. only in the long run.
b. only in the short run.
c. in both the long run and the short run.
d. in neither the long run nor the short run.
b
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The gains from trade that are possible when two countries have different opportunity costs for wheat and coffee are realized when
A) trade occurs and resources are reallocated within the two countries. B) the two countries continue to produce the same quantities of wheat and coffee. C) each country has an absolute advantage in one of the two commodities. D) the demand curves in both countries shift inward.
Which of these countries' growth rates of real GDP per person have exceeded the United States' growth rate of real GDP per person over the last century?
a. Canada and China b. China and India c. Germany and India d. Germany and Pakistan
Social Security benefits, welfare payments, and farm support payments are examples of:
A. public interest payments. B. transfer payments. C. consumption spending. D. investment spending.
Changes in business inventories will be negative when
A) production exceeds sales. B) production is less than sales. C) a trade surplus exists. D) a budget surplus exists.