Japanese Prime Minister Ryutaro Hashimoto was called the “Herbert Hoover of Japan” because he
A. looked like a very distinguished politician.
B. advocated vast public works to combat unemployment.
C. advocated budget deficit reduction in the midst of a recession.
D. advocated easier monetary policy and lower interest rates to combat recession.
Answer: C
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Refer to the above table. Two countries have per capita real GDPs in 2010 of $5000. If country A has a 4 percent growth rate and Country B a 5 percent growth rate, what will the per capita real GDPs of each be in the year 2060?
A) A: $15,000; B: $30,000 B) A: $40,000; B: $60,000 C) A: $35,550; B: $57,500 D) A: $24,000; B: $35,200
If a country experiences economies of scale in the production of a good, it implies that ______________
Fill in the blank(s) with the appropriate word(s).
The income effect of higher wages leads workers to want to work more.
Answer the following statement true (T) or false (F)
Personal income is defined as
A) national income less retained earnings plus transfer payments and plus interest on government bonds. B) national income less depreciation. C) national income less personal taxes. D) national income plus retained earnings less transfer payments and less interest on government bonds.