The specific factors model was developed by
A) Paul Samuelson and Ronald Jones.
B) Adam Smith and David Ricardo.
C) Richard Nixon and Robert Kennedy.
D) C.B. deMille and Gordon Willis.
E) Bill Clinton and Monica Lewinsky.
A
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U.S. imports are goods and services
A) produced abroad and sold to Americans. B) produced in the United States and sold to Americans. C) produced abroad and sold to foreigners. D) produced in the United States and sold to foreigners.
The idea that poor people consume a higher percentage of their income than the rich is a logical conclusion drawn from
a. Keynes's absolute income hypothesis b. Duesenberry's relative income hypothesis c. Friedman's permanent income hypothesis d. the life-cycle hypothesis of consumption e. the consumption function
Supply tends to be more elastic in the short run and more inelastic in the long run
a. True b. False Indicate whether the statement is true or false
The Fed can raise the discount rate when it wants to:
A. decrease the money supply. B. increase the money supply. C. decrease the budget deficit. D. increase the budget deficit.