As the multiplier process works through time, the size of the multiplier effect becomes
A. larger.
B. smaller.
C. constant.
D. explosive.
Answer: B
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Minerals, animals, water and forests are all considered to be part of the resource category known as
A) capital B) entrepreneurship C) labor D) land E) none of the above
An efficiency wage is defined as
A. any wage scheme that is accepted by the union. B. a wage above the competitive wage that elicits greater effort on the part of workers. C. any wage scheme that pays all workers the same wage. D. a wage below the competitive wage that elicits greater effort on the part of the workers. E. any wage scheme that pays different workers different wages.
In a business cycle, the high point of economic activity is called
A. a peak B. a trough C. a zenith D. a high
If a country's international reserves are increasing, then its exchange rate is ________ and there is a balance-of-payments ________.
A. undervalued; surplus B. overvalued; surplus C. overvalued; deficit D. undervalued; deficit