Which of the following statements is correct?
a. Productivity is a determinant of human capital per worker.
b. Technological knowledge is a determinant of productivity.
c. Human capital and technological knowledge are the same thing.
d. All of the above are correct.
b
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Which of the following correctly describes the spending multiplier?
a. The initial change in consumption, investment, government spending, or net exports divided by the change in equilibrium GDP. b. An initial increase in aggregate expenditures divided by the equilibrium GDP. c. An initial increase in aggregate expenditures divided by the change in equilibrium GDP. d. The ratio of the change in real GDP to an initial change in any component of aggregate expenditures.
The interest rates on outstanding credit card balances are generally high because
A) the default rate on credit card loans is high and there are no assets backing these loans. B) the banks "price gouge" consumers in this market. C) there is little competition in this lending market. D) the administrative costs associated with these loans are low.
Many developing countries face a balance of payments constraint because:
A. they fail to implement exchange rate policy correctly. B. they hold too few international reserves. C. they hold too many international reserves. D. the IMF forces them to adopt policies that are counterproductive.
Costs that pertain to finding a trading partner and making a trade are called
A) transaction costs. B) transgression costs. C) consumption costs. D) transaction taxes.