Which of the following questions is a macroeconomic issue?
A) How many more pounds of cookies will a consumer purchase if the price of cookies decreases?
B) What effect would a cure for Mad Cow Disease have on the market for beef?
C) What is the future growth prospect for an economy?
D) How many workers should the owner of a business hire?
C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Asset transformation can be described as
A) borrowing long and lending short. B) borrowing short and lending long. C) borrowing and lending only for the short term. D) borrowing and lending for the long term.
Which of the following is not part of Hernando de Soto's The Other Path?
A. Improving infrastructure. B. Reducing taxes. C. Enforcing laws to safeguard private income. D. Encouraging the "underground" economy.
Under a fixed exchange rate system, if the inflation rate in the United States is 5 percent a year and the inflation rate in Australia is 0 percent a year, then the U.S. real exchange rate will:
A. remain constant. B. increase 5 percent a year. C. decrease 5 percent a year. D. possibly increase or decrease.