A(n) ________ in private expenditures as a result of a(n) ________ in government purchases is called crowding out
A) increase; increase B) decrease; decrease C) decrease; increase D) increase; decrease
C
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In order to maintain a fixed exchange rate:
A. a country cannot change its money supply. B. a country must constantly increase its money supply. C. a country must constantly decrease its money supply. D. Maintaining a fixed exchange rate is unrelated to the money supply.
"If China and India continue their economic expansion, the world cannot provide enough raw materials without terrible shortages worldwide." Evaluate this statement
a. True, increased demand from developing countries will swamp the existing supply of resources. b. True, increased demand from China and India will lead to large shortages in the North America and Europe. c. False, the shortage will be limited to China and India. d. False, increasing scarcity will result in higher prices and the deployment of new technologies that increase the efficiency of production, and together these markets forces will help to balance demand and supply worldwide.
Table 30.2Number of stylists (per week)Total output (per week)Marginal physical product (output per stylist)Total revenue (dollars per week)Marginal revenue product (dollars per stylist)00---________---160________________________280________________________390________________________490________________________Table 30.2 shows how many hairstyling appointments a hair salon can schedule per week based on the number of stylists. In the spaces provided, compute the marginal physical product (MPP) of the hair stylists, total revenue, and marginal revenue product of the stylists, assuming that a hair stylist charges $60 per appointment. What is the marginal revenue product of the second hairstylist?
A. $80 per week. B. $1,200 per week. C. $4,800 per week. D. $20 per week.
Compared to high-income developed countries, the per person income levels of poorer less developed countries are somewhat understated because
What will be an ideal response?