How would you describe the world distribution of income?
A) persistently unequal
B) temporarily unequal
C) converging
D) fairly equal
E) completely unpredictable
A
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If the production possibilities frontier for guns and butter is bowed outward from the origin, this indicates constant opportunity cost between the two goods.
Answer the following statement true (T) or false (F)
When the Fed buys U.S. government securities from a member bank, that bank's excess reserves, required reserves, and total reserves all increase
a. True b. False Indicate whether the statement is true or false
Suppose that a worker in Boatland can produce either 5 units of wheat or 25 units of fish per year, and a worker in Farmland can produce either 25 units of wheat or 5 units of fish per year. There are 10 workers in each country. Political pressure from the fish lobby in Farmland and from the wheat lobby in Boatland has prevented trade between the two countries on the grounds that cheap imports
would kill the fish industry in Farmland and the wheat industry in Boatland. As a result, Boatland produces and consumes 25 units of wheat and 125 units of fish per year while Farmland produces and consumes 125 units of wheat and 25 units of fish per year. If the political pressure were overcome and trade were to occur, each country would completely specialize in the product in which it has a comparative advantage. If trade were to occur, the combined output of the two countries would increase by a. 25 units of wheat and 25 units of fish. b. 50 units of wheat and 50 units of fish. c. 75 units of wheat and 75 units of fish. d. 100 units of wheat and 100 units of fish.
Liquidity refers to
a. the ease with which an asset is converted to the medium of exchange. b. the measurement of the intrinsic value of commodity money. c. the measurement of the durability of a good. d. how many time a dollar circulates in a given year.