Which of the following countries have a relative abundance of natural resources?
a. Japan
b. Canada
c. Hong Kong
d. all of the above
b
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Last year when John graduated and received a 20 percent pay increase, the average number of restaurant meals he consumed rose from one a week to three a week. Hence his income elasticity for restaurant meals is
A) 0.50. B) -0.50. C) 5.00. D) -5.00.
Explain why many economists are skeptical about whether Ricardian equivalence describes the behavior of households in the economy
What will be an ideal response?
In a two-asset economy with money and T-bills, the quantity of money that people will want to hold, other things being equal, can be expected to:
a. increase as the real GDP interest rate increases. b. decrease as the real GDP interest rate increases. c. decrease as real GDP increases. d. none of these.
"A tax cut will lead to higher inflation" is an example of a positive economic statement
a. True b. False Indicate whether the statement is true or false