Property rights and a strong titling system are seen as important to economic development because they allow:
A. loans to be taken out without risk, increasing the quality, not quantity, of investment.
B. loans to be taken out against the equity of their assets, increasing investment.
C. agencies with authority to verify titling to thrive in the economy.
D. savers to invest in property and capital.
Answer: B
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If one person has the absolute advantage in producing both of two goods, then that person
a. must also have a comparative advantage in both goods b. cannot benefit from trade c. cannot have a comparative advantage in either good d. will have the comparative advantage in only one good e. should specialize in the production of both goods
Which of the following tends to make aggregate demand shift further to the right than the amount by which government expenditures increase?
a. the crowding-out effect b. the multiplier effect c. the exchange-rate effect d. the interest-rate effect
The seven members of the Board of Governors serve 14-year terms to:
A. reduce political influence. B. provide steady employment. C. inhibit independent decisions. D. prevent illegal appointments.
A contractionary fiscal policy can be illustrated by a(n):
A. decrease in aggregate demand. B. increase in aggregate demand. C. change in the price level. D. increase in aggregate supply.