Italy has an absolute advantage in the production of which product?
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Classical growth theory proposes that real GDP growth is ________ and that real GDP per person will ________ the subsistence level
A) permanent; temporarily be above B) permanent; always be above C) temporary; temporarily be above D) temporary; be above and below
Adhering to the principle of revenue neutrality _____
a. allows for the separation of efficiency and the overall level of taxation b. allows for the separation of equity and the overall level of progressivity c. allows for the separation of equity and government spending d. allows for the separation of efficiency and intergovernmental transfers
The nominal rate of interest is 4% and the anticipated rate of inflation is 5%. What is the real rate of interest?
A) 1% B) -1% C) 4% D) 9%
The principal-agent problem:
A. is when the principal has more information than the agent. B. is when the agent is tempted to put in more effort than the principal would like. C. is commonly seen in the employer-employee relationship. D. is when the principal and agent have the same objectives.