Refer to the information provided in Table 24.7 below to answer the question(s) that follow.
Table 24.7All Numbers are in $ Million
Refer to Table 24.7. The government spending multiplier in this economy is
A. 2.
B. 4.
C. 5.
D. 10.
Answer: C
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Which school of thought believes that recessions are the result of inappropriate monetary policy?
A) only classical B) only Keynesian C) Monetarist D) both Keynesian and classical
If the case study on U.S. / China trade is correct in its analysis of factor abundance,
A) Chinese capital owners should see their income rise as trade increases. B) U.S. skilled labor inputs should see their incomes fall as trade increases. C) U.S. capital owners should see their income fall as trade increases. D) Chinese unskilled labor should see their income rise as trade increases.
To pay for WW I, the national debt was expanded from ___ percent of GDP at the beginning of the war to ___ percent of GDP by the end of the war
a. 1; 5 b. 2; 13 c. 3; 32 d. The national debt did not expand due to reparations payments.
In the long run,
a. all of the firm's input quantities are variable. b. the firm can vary the quantities of some but not all inputs. c. managers become less efficient. d. the total cost of producing any given level of output is greater than or equal to the short-run total cost of producing that level of output.