The key to a country's economic growth is combining _______ with _______.
A. human capital; physical capital
B. legal institutions; cultural institutions
C. ideas; good institutions
D. human and physical capital; ideas and good institutions
Ans: D. human and physical capital; ideas and good institutions
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One problem with using monetary policy to address "bubbles" in asset markets is that:
A. reducing the real interest rate to deal with the bubble could lead to inflation. B. the Federal Reserve is better than financial-market professionals at identifying bubbles. C. monetary policy is not a very good tool for addressing the problem of inappropriately high asset prices. D. the Federal Reserve is not interested in stabilizing output.
Karl Marx believed in which of the following?
A. Controlling political power was more important than controlling the ownership of capital with respect to dominating a society. B. In capitalist societies, a business owner makes huge profits by raising workers wages. C. Whoever controlled a society's labor supply controlled that society. D. Inevitably there would be a clash between capitalists and workers.
Domestic firms operating abroad may find it economically beneficial to adopt environment-friendly standards because
A) foreign nations may be upset if firms do not use the environment-friendly technology. B) the least-cost strategy usually involves the adoption of one set of environment-friendly technology rather than multiple standards. C) they may be forced to replace the old technology whenever the foreign country experiences positive economic development. D) their environment-unfriendly technology may be replaced by foreign-based technology.
An increase in the price level causes
A) the money demand curve to shift to the left. B) the money demand curve to shift to the right. C) a movement up along the money demand curve. D) a movement down along the money demand curve.