In Sen's view, development is an economic process that should be assessed by material output measures such as GNI per capita.
a. true
b. false
Ans: b. false
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Under a nominal GDP targeting rule, the Federal Reserve
A) changes the interest rate only when real GDP, and hence nominal GDP, is off target. B) cannot use the federal funds rate to conduct monetary policy. C) must publish its expected inflation rate. D) lowers its interest rate when nominal GDP falls below target. E) loses its ability to influence the inflation rate.
When a tax on emissions into the air accurately reflects the cost to all members of society of an additional unit of the emissions, it
A) amounts to no more than a license to pollute. B) encourages firms to reduce emissions as long as the cost of doing so is less than the cost of continuing the emissions. C) gives firms little incentive to search for less-polluting production processes. D) will not prevent large and profitable firms from polluting.
If all of the returns to a resource are in the form of economic rent,
a. the price of that resource is determined exclusively by supply b. the price of that resource is determined exclusively by demand c. the price and quantity of that resource are determined exclusively by supply d. the price and quantity of that resource are determined exclusively by demand e. the equilibrium price is zero
If people expect inflation to increase in the future, explain what will happen to consumption and saving