In the above figure, while moving along the line showing the relationship between household income and expenditure
A) household expenditures are held constant.
B) household income is held constant.
C) the interest rate is held constant.
D) no variable is held constant.
C
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In 1975, wage levels in South Korea were roughly 5% of those in the United States
It is obvious that if the United States had allowed Korean goods to be freely imported into the United States at that time, this would have caused devastation to the standard of living in the United States, because no producer in this country could possibly compete with such low wages. Discuss this assertion in the context of the Ricardian model of comparative advantage.
Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess supply of money which will cause the interest rate to ________
A) right; fall B) right; rise C) left; fall D) left; rise
Most analysts expect the largest federal spending category to continue to grow in importance for many years into the future. What category of spending is this?
a. national defense b. education c. income security d. farm support programs
Which of the following makes someone an entrepreneur?
a) earning a lot of money as a computer programmer b) becoming a highly paid dancer c) running a service that hires people to install sprinkler systems in lawns d) inventing and selling the rights to manufacture a computer game