Jamaica has far less capital than Singapore. Based on this, the Classical growth model would predict that as each accumulates more capital Jamaica would grow:
A. more rapidly than Singapore.
B. at a rate that rises and then falls compared to Singapore.
C. at the same rate as Singapore.
D. at a slower rate than Singapore.
Answer: A
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The U.S. is a net importer of agricultural products.
a. true b. false
The rate at which two currencies trade for each other is called the
A. exchange rate. B. price. C. cost. D. revenue.
Which of the following helps explain why the aggregate demand curve slopes downward?
a. If the price level increases, the purchasing power of the fixed quantity of money decreases, causing people to buy less. b. If the price level increases, the purchasing power of the fixed quantity of money increases, causing people to buy more. c. If domestic prices increase, we substitute domestic goods for imported goods. d. If domestic prices decrease, we substitute imported goods for domestic goods.
Suppose the nominal interest rate was 5 percent and the inflation rate was 3.5 percent
a. The dollar value of savings increased at 1.5 percent, and the value of savings measured in goods increased at 3.5 percent. b. The dollar value of savings increased at 3.5 percent, and the value of savings measured in goods increased at 1.5 percent. c. The dollar value of savings increased at 3.5 percent, and the value of savings measured in goods increased at 5 percent. d. The dollar value of savings increased at 5 percent, and the value of savings measured in goods increased at 1.5 percent.