Most modern economists agree that there is a single factor that can be used to explain economic growth.
a. This is a true statement because what are needed are abundant resources
b. This is a true statement because at the foundation of economic growth, it is essential that there exist extensive private property rights.
c. This is a false statement because nearly all economists believe that economic growth is a complex process without a single dominant factor.
d. This is a false statement because economists typically do not agree on policy issues.
c
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Suppose you withdraw $500 from your checking account deposit and bury it in a jar in your back yard. If the required reserve ratio is 10 percent, checking account deposits in the banking system as a whole could drop up to a maximum of
A) $0. B) $50. C) $500. D) $5,000.
Poor countries grow faster than rich countries because of rapid growth in the labor force
a. True b. False Indicate whether the statement is true or false
If wages decrease and workers choose to work more hours or more shifts, their behavior is evidence of
a. the substitution effect. b. the income effect. c. rational expectations. d. rational ignorance.
What effect does the following transaction have on the U.S. balance of payments?(Choose the proper debit and credit entries.) U.S. residents purchase Mexican products and pay for them with U.S. dollars
a. Debit the U.S. financial account; credit the U.S. current account. b. Credit the U.S. financial account; debit the U.S. current account. c. Debit the U.S. financial account; credit the U.S. financial account. d. Credit the U.S. financial account; debit the U.S. financial account. e. Credit the U.S. financial account; debit the U.S. net errors and omissions account.