Free trade is viewed as key to economic development because
A. it brings in expensive new technology.
B. it encourages a faster spread of technology.
C. it encourages a country's exports only.
D. none of these is correct.
Answer: B
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In the above table, when 200 brownies are produced
A) marginal social benefit is greater than marginal social cost, and resource use is efficient. B) marginal social benefit is greater than marginal social cost, and there is a deadweight loss. C) marginal social benefit equals marginal social cost, and resource use is efficient. D) marginal social benefit is less than marginal social cost, and there is a deadweight loss.
The supply curve of reserves has two kinks in it: one at the _________________ and the other at the ____________________ rate
A) interest rate that the Fed pays on reserves; discount B) federal funds rate; discount C) prime rate; discount D) discount rate; federal funds rate
Seasonally adjusted unemployment rates:
A. adjust for the predictable summer increase in the unemployment rate for teenagers. B. adjust for the predictable summer decrease in the unemployment rate for teenagers. C. are the same as the unadjusted rates in periods of bad weather. D. are not calculated for the U.S. economy.
Chain-weighted price indices are constructed such that:
A. prices in different economies can be directly compared with one another. B. prices in different years can be directly compared with one another. C. all years' levels of GDP are directly related to a base year level of GDP. D. prices of one good can be directly compared with prices of other goods.