By 1860, two-thirds of America's woolen output was produced in:
a. the area surrounding Philadelphia.
b. New England.
c. the Mid-Atlantic states.
d. New York city.
b. New England.
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In actual practice, short-term interest rates and long-term interest rates usually move together; this is the major shortcoming of the
A) segmented markets theory. B) expectations theory. C) liquidity premium theory. D) separable markets theory.
If producers incorrectly set the price of their product too low a:
A. shortage will result and consumers will bid the price down to equilibrium. B. surplus will result and excess goods in inventory will signal the producers to lower their prices. C. shortage will result and consumers will bid the price up to equilibrium. D. surplus will result and excess goods in inventory will signal the producers to restrict output until sales increase.
Which statement is true about any of the federal budget deficits of the 1990s?
A. The deficits were a little larger than the national debt. B. The deficits and the national debt were about equal. C. The national debt was a little larger than the deficits. D. The national debt was much larger than the deficits.
What effect does a depreciation of the dollar have on real GDP in the United States in the short run?
A) Real GDP will fall. B) Real GDP will rise. C) Real GDP will be unaffected by the depreciation of the dollar. D) Real GDP will be unchanged, but nominal GDP will rise.