President Reagan was attracted to the theories expounded by the
a. classical school
b. Keynesian school
c. neo-Keynesian school
d. rational expectations school
e. supply-side school
E
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Suppose that in Paraguay, one of the poorest countries in the Americas, only two of the goods that are produced can compete in world markets, tea and DVD players. Given this success in exporting, Paraguay
a. should specialize only in DVD players since tea production is an old industry. b. should specialize in the production of tea, since its people are probably too poor to buy DVD players. c. should stop exporting both goods and produce more food products for its people. d. is better off producing both goods in which it has a comparative advantage, relative to all other goods.
The most commonly used tool by the Federal Reserve to control the monetary base is
a. changes in the discount rate. b. changes in tax rates on commercial banks. c. changes in legal required reserve ratios. d. open market operations.
Suppose that the elasticity of demand for newspapers is 2.0 and quantity demanded decreases by 40%. What must the percentage increase in price have been?
A. 2% B. 20% C. 80% D. 200%
If the market price of a DVD is $15 and a consumer was willing to pay $20 for it, that consumers surplus on the DVD is $5.
Answer the following statement true (T) or false (F)