Referring to Figure 19.2, the effect of an increase in U.S. interest rates is represented by a movement from point
A) a to b. B) c to b. C) a to d. D) d to c.
B
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One of the functions of deliberation councils is to
A) coordinate foreign investment from different countries. B) set educational policy for universities and colleges. C) coordinate government policy and private investment. D) broaden the economies base of exports. E) ensure stability in the country's fiscal and monetary policies.
Which statement if false?
A. If the U.S. can produce rice more efficiently than Japan can, the U.S. enjoys an absolute advantage. B. Economists dislike both tariffs and import quotas. C. Under the law of comparative advantage, total output is greatest when each product is made by the country that produces it most efficiently. D. No nation will engage in trade with another nation unless it will gain by that trade.
Imagine the U.S. economy is in long-run equilibrium. Then suppose the value of the U.S. dollar decreases. At the same time, people in the U.S. revise their expectations so that the expected price level rises. We would expect that in the short-run
a. real GDP will rise and the price level might rise, fall, or stay the same. b. real GDP will fall and the price level might rise, fall, or stay the same. c. the price level will rise, and real GDP might rise, fall, or stay the same. d. the price level will fall, and real GDP might rise, fall, or stay the same.
The country of Northland produced $1,000 billion of output in one year. The population of Northland was 50 million, of whom 30 million were employed. What was average labor productivity in Northland?
A. $33,333 B. $20 C. $20,000 D. $33