If Japan adopts a contractionary monetary policy, then the dollar will:
A. lose value and U.S. inflation will rise.
B. gain value and U.S. inflation will rise.
C. lose value and U.S. inflation will fall.
D. gain value and U.S. inflation will fall.
Answer: A
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The marginal propensity to import (mpi), where M = imports, is defined as
A) M * Y. B) ?M/?Y. C) M - Y. D) ?M * ?Y.
Because the sale of goods and services generates income for the sellers,
A) GDP is unaffected by such exchanges. B) national income will usually by greater than GDP. C) national income will essentially equal GDP. D) national income will increase, but GDP will decrease. E) sales taxes must be subtracted from GDP.
The income effect of a real wage increase is observed when
A) the higher wage causes workers to take more leisure and work fewer hours. B) the higher wage causes workers to take less leisure and work more hours. C) leisure's higher opportunity cost causes workers to take less leisure and work more hours. D) leisure's higher opportunity cost causes workers to take more leisure and work more hours.
The first major step toward natural resource reform was
a. the General Revision Act of 1891. b. the Commons Preservation Act of 1896. c. the Reclamation Act of 1902. d. the Snowden-Higgs Act of 1904.