Overvalued exchange rates benefit consumers in the short run
Indicate whether the statement is true or false
TRUE
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According to data on Pennsylvania agriculture in the 18th century, increases in productivity were primarily due to:
a. increases in average farm size. b. increases in the amount of labor per farm. c. decreases in the land-labor ratio d. increases in the capital-labor ratio.
Which of the following statements is not correct? a. Economic growth is best measured by the annual percentage change in nominal GDP per capita. b. An economy producing along the production possibilities curve is operating at its potential output. c. Economic growth is a crucial determinant of people's well-being
d. If the quality of labor improves, an economy's production possibilities curve will shift outward.
Bureaucratic capture is:
A. when government positions are filled with people who have close ties to the group they are supposed to regulate. B. a source of bias or personal sympathy that interferes with efficiency. C. a specific avenue through which corruption and rent-seeking can occur. D. All of these are true.
The time required for Congress and the President to realize that fiscal policy measures are needed to effectively deal with a recession is called the
A. political lag. B. education lag. C. recognition lag. D. decision lag.