In 2007 which country had the highest ratio of government expenditures to GDP?
A. Canada
B. Switzerland
C. United States
D. none of these answer options are correct.
A. Canada
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The income effect of a wage increase is observed when
A) the higher wage income causes workers to take more leisure and work less. B) the higher wage income causes workers to take less leisure and work more. C) leisure's higher opportunity cost causes workers to take less leisure and work more. D) leisure's higher opportunity cost causes workers to take more leisure and work less.
Expansionary policies are government stabilization policies intended to increase:
A. population. B. average labor productivity. C. spending. D. unemployment.
The demand for microwaves in a certain country is given by: D = 8,000 - 30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 6,000; 4,000 B. 6,500; 3,000 C. 5,000; 5,000 D. 6,500; 4,500
Assume a contractionary monetary policy causes real interest rates in the US to increase relative to Japan. In the short run, the value of the US dollar, the value of the Japanese yen, and the US balance of trade will most likely change in which of the following ways?
a. appreciate; appreciate; move toward deficit b. appreciate; depreciate; move toward deficit c. appreciate; depreciate; move toward surplus d. depreciate; depreciate; move toward surplus e. no change; appreciate; move toward deficit