The U.S. Congress passed legislation in the late 1800 . that established land-grant universities to educate citizens in agriculture, home economics, mechanical arts, and other practical professions. Two important missions for land-grant universities are education and research. Explain how the establishment of land- grant universities has affected the growth of the U.S. economy
The establishment of land-grant universities has led to higher growth rates for the U.S. economy, as a result
of the education and research they provide. This is because education increases the quality of labor, while
research leads to technological progress. Both of these changes lead to higher labor productivity for the
nation, which increases the growth rate for the nation.
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Government redistribution of income in response to individuals free riding on the charity of others is a Pareto superior move
a. True b. False
In an auction where the bidders values are $740, $700, $660, $650, $400, $325 and $300, the highest three bidders decide to form a bid-rigging cartel. What would the winning bid be in this auction?
a. $741 b. $701 c. $651 d. $631
Supply-siders and Keynesians agree that with the correct approach to stabilization policy, it is possible to reduce both the unemployment rate and the inflation rate
Indicate whether the statement is true or false
Assume that the expectation of a recession next year causes business investments and household consumption to fall, as well as the financing to support it. If the nation has low mobility international capital markets and a fixed exchange rate system, what happens to the real risk-free interest rate and real GDP in the context of the Three-Sector-Model?
a. The real risk-free interest rate falls and real GDP rises. b. The real risk-free interest rate rises and real GDP remains the same. c. The real risk-free interest rate and real GDP remain the same. d. The real risk-free interest rate falls and real GDP falls. e. There is not enough information to determine what happens to these two macroeconomic variables.