What was the thesis to James O'Neill's paper where he introduced the BRIC acronym?
A) These nations were going to collapse.
B) These were failing states and thus a treat to global stability.
C) These economies were moribund and needed IMF assistance.
D) These nations had the potential to change global trade and capital flows.
E) These nations would repeat the patterns of development and business cycles as the United States and Europe had in their economic history.
D
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Small-denomination time deposits refer to certificates of deposit with a denomination of less than
A) $1,000. B) $10,000. C) $100,000. D) $1,000,000.
There are two types of worker, high ability and low ability. High-ability workers generate gross profit of A on the job and low-ability generate nothing. Education does not make workers more productive, but is costly to obtain (cH for high ability workers and cL for low ability ones). Let w be the wage that all firms in the economy pay by regulatory mandate. Suppose the worker obtains utility
given by the wage (if the worker is employed, 0 if not) minus the cost of education (if any). There is no disutility from work. Which condition is required if only the high-ability type is to obtain an education in equilibrium? a. cH < w < cL. b. cL < w < cH. c. cH < cL < w. d. cL < cH < w.
As the price level increases, the amount of goods and services that consumers, businesses, and governments desire to purchase will change. This is depicted by: a. a leftward movement of the aggregate demand curve
b. a rightward movement of the aggregate demand curve. c. an upward movement along the aggregate demand curve. d. a downward movement along the aggregate demand curve. e. an increase in the slope of the aggregate demand curve.
Which of the following statements about real and nominal interest rates is correct?
a. When the nominal interest rate is rising, the real interest rate is necessarily rising; when the nominal interest rate is falling, the real interest rate is necessarily falling. b. If the nominal interest rate is 4 percent and the inflation rate is 3 percent, then the real interest rate is 7 percent. c. An increase in the real interest rate is necessarily accompanied by either an increase in the nominal interest rate, an increase in the inflation rate, or both. d. When the inflation rate is positive, the nominal interest rate is necessarily greater than the real interest rate.