At which point is society employing some of its available technology but not all of it? (See Figure 1.1.)
A. A.
B. B.
C. C.
D. D.
Answer: C
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Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the quantity of real loanable funds per time period and real GDP in the context of the Three-Sector-Model?
a. The quantity of real loanable funds per time period falls, and real GDP falls. b. The quantity of real loanable funds per time period falls, and real GDP rises. c. The quantity of real loanable funds per time period rises, and real GDP remains the same. d. The quantity of real loanable funds per time period and real GDP remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
A $250 million decrease in government spending causes
A. a larger change in a closed economy than in an open economy. B. a larger change in an open economy than in a closed economy. C. an equal amount of change in equilibrium output in an open and a closed economy. D. a larger change in a closed economy than in an open economy if the MPM is zero.
If a firm enlarges its factory size and realizes higher average (per unit) costs of production then:
a. it has experienced economies of scale. b. it has experienced diseconomies of scale. c. it has experienced constant returns to scale. d. the long-run average cost curve slopes downward. e. the long-run average cost curve shifts upward.
An increase in the nominal exchange rate, e, defined as the number of units of the foreign currency that one unit of the domestic currency will buy, indicates that the domestic currency has ________ relative to the foreign currency.
A. become undervalued B. depreciated C. appreciated D. become overvalued