The recent growth records of Japan and Hong Kong during the last 50 years indicate that a nation can grow rapidly without:
A. securely defined property rights.
B. adopting modern technology.
C. significant capital formation.
D. abundant domestic natural resources.
Answer: D
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Under a gold standard in which one dollar could be turned in to the U.S
Treasury and exchanged for 1/20th of an ounce of gold and one German mark could be exchanged for 1/100th of an ounce of gold, an exchange rate of ________ marks to the dollar would stimulate a flow of gold from the United States to Germany. A) 7 B) 6 C) 5 D) 4
When the expected inflation rate increases, the real cost of borrowing ________ and bond supply ________, everything else held constant
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Movements along the consumption function are called
a. autonomous consumption. b. leakage consumption. c. induced consumption. d. injected consumption.
What is the best economic explanation for why a person would drop out of college to take a job or start a business?
A. he has a good idea for starting a business B. he has to pay a higher tuition to attend college C. the expected future benefits from starting a business now are greater than the costs D. the opportunity cost of starting a business is high now, but will be low later in life