Each of the following would be an example of technological change, EXCEPT
A. increases in output due to increases in capital.
B. improvements in the qualities of resources.
C. improved knowledge about how to combine resources.
D. the introduction of totally new production processes.
A. increases in output due to increases in capital.
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In the basic Keynesian model, a tax increase:
A. increases short-run equilibrium output. B. reduces potential output. C. increases potential output. D. reduces short-run equilibrium output.
Banks create money by
A) printing currency. B) asking the Fed to print more currency. C) lending to the Fed. D) making loans. E) buying government securities.
A negative externality
A) occurs under any undesirable event. B) occurs when an action doesn't take into account the costs it imposes on others. C) can be a natural phenomenon, such as being struck dead by a bolt of lightening. D) cannot occur at the same time as a positive externality.
What is the expected payoff of an investment that yields $1,000,000 with a probability of 0.001 and $0 with a probability of 0.999?
A. $1,000,000 B. $1,000 C. $10,000 D. $500,000