Which of the following would be considered the most prominent spokesman for the rational expectations school of thought?
A. Adam Smith
B. Arthur Laffer
C. Milton Friedman
D. Robert Lucas
D. Robert Lucas
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The relationship between urbanization and GDP per capita, it is likely to be represented by a(n):
A) downward-sloping curve. B) inverted U-shaped curve. C) U-shaped curve. D) upward-sloping curve.
As more women decide to work outside the home and therefore hire others to work around their home, GDP will increase by
A) only the value of the household work they are now hiring someone to perform. B) the value of the output produced by the newly working women minus the value of the household work they were previously performing. C) the value of the output produced by the newly working women plus the value of any household work they are now hiring someone to perform. D) only the value of the output produced by the newly working women. E) the value of the household work they were previously performing minus the value of the output produced by the newly working women.
Which of the following best describes the Employment Act of 1946?
(a) A piece of New Deal legislation that had to be postponed until after the war (b) An effort to stabilize the U.S. balance of payments as the world moved toward using the U.S. dollar as the main reserve currency (c) An attempt to reduce the overall extent of federal responsibility in the post-war national economy (d) All of the above
In 2005, the European Union began a program to
A. allow the trading of carbon-dioxide permits among firms. B. reduce greenhouse gas emissions by 10 percent within 5 years. C. eliminate greenhouse gas emissions by 50 percent within 15 years. D. subsidize firms that pollute more than a given limit.