American manufacturers rapidly dropped waterwheels when the steam engine was introduced. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
If future total factor productivity increases A) labor demand increases. B) government expenses increase. C) consumption demand decreases. D) investment demand increases. ANSWER D
Date: September 10th, 2020
Strong evidence of convergence exists for ________. A) wealthy nations that belong to the Organization for Economic Cooperation and Development B) both rich and poor nations C) sub-Saharan African economies and the economies of North America D) European and Caribbean economies ANSWER A
Date: September 10th, 2020
Suppose total government spending is increased permanently by ten percent, with no change in tax rates. In the long run, the resulting deficit will disappear, ________. A) only if government spending is brought back down to the original level B) if economic growth raises tax revenue by ten percent C) if the government debt is […]
Date: September 10th, 2020
An index constructed by Alberto Alesina and Lawrence Summers measuring central bank independence for a sample of industrialized countries during the late 1980s notes that the a. most countries have completely independent central banks. b. countries with less independent central banks had lower inflation rates. c. the most independent central banks were those of Switzerland […]
Date: September 10th, 2020
The U.S. imposed high tariffs in the early nineteenth century in retaliation for British tariffs imposed on American goods. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Labor demand is decreasing in the wage because A) the substitution effect is larger than the income effect. B) the income effect is larger than the substitution effect. C) the production function is concave. D) the marginal product of labor is increasing in labor. ANSWER C
Date: September 10th, 2020
The growth of cities and population usually accompanies growth in commercial activity and vice versa. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
If the real wage is equal to 8 widgets, and only an integer number of workers can be hired, the Gizmo company should hire A) 2 workers. B) 3 workers. C) 4 workers. D) 5 workers. ANSWER A
Date: September 10th, 2020
If the money supply increases at the same time that taxes increase, then: a. interest rates will definitely increase. b. interest rates will definitely decrease. c. income will definitely increase. d. income will definitely decrease. ANSWER B
Date: September 10th, 2020
