If a country has a high level of income, it:
A. has large amounts of physical and human capital.
B. must be maintaining all natural resources.
C. must be rapidly increasing its income each year.
D. must be increasing all its natural resources.
Answer: A
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Hotelling's model has been used to describe differentiation in the political "market." Suppose that 100 voters are evenly distributed between the extreme left and the extreme right on the political spectrum, and that all voters vote, and they always vote for the candidate closest to them on this spectrum. The numbers on this spectrum represent the number of voters lying to the left of the number. So, at the midpoint, fifty voters lie to the left and fifty to the right. At the extreme right end, all 100 voters lie to the left. 
If Candidate X is running for office against Candidate Z, then:
A. Candidate Z will win. B. Candidate X might win. C. all voters who would have voted for Y will vote for X. D. all voters to the left of Z will vote for X, and all voters to the right of Z will vote for Z.
Assume that the Federal Reserve has purchased a $1,000 security from an individual, the required reserve ratio is 20 percent, and that individual deposits the proceeds in his bank. What is the increase in excess reserves for this bank?
a. $200 b. $1,000 c. $1,200 d. $800 e. $2,000
Which of the following contribute to high levels of U.S. production?
a. Immigration restrictions. b. Barriers to trade. c. Labor-intensive production. d. Abundant factors of production.
Which of the following is a component included in the measure of GDP, according to the income approach?
A. Investment. B. Personal savings. C. Interest. D. Consumption expenditures.