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Cards In This Set
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For the world as a whole over the last 200 years, the Malthusian predictions...
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Have been prevented by technological advances and capital investment
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A decrease in the import tariff will result in
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An increase in imports, but a decrease in domestic production
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The national bureau od economic research in the US provides the following definition of a recession
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If economic activity contracts across a wide range of variables and a wide range of sectors
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Developed economies need to engage in research and development more than do developing economies because developed economies
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Have largely exhausted the gains from capital accumulation
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In a large country setting part of a tariff is forward shifted to __ and part is backward shifted to __.
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Domestic consumers; foreign producers
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Arguments for US trade restictions do not include
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Improving incomes for developing countries
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The additional output produced by adding one extra unit of capital to the production
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The marignal product of capital
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NAFTA is
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Free trade area
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Unlike adam smith, david ricardo's trading principle emphasizes the
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Role of comparative costs
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Not included in the production function
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Inflation
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Not one of the gains from economic growth
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Cheap labor force
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The diminishing marginal prooduct of capital implies
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That additions to the capital stock produce more incremental output in poor countries than in rich countries
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A steady state may be defined as
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A point at which the capital stock per worker is stabilized
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The Federal Open Market Committee moved aggressively to change the target federal funds rate in meetings on Jan 22 and Jan 30, 2008. What event would most likely cause the FOMC to decrease the target federal funds rate in future mtgs?
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Rising unemployment and continued weakness in consumption and investment expenditures
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During the 20th century, convergence ocurred most clearly
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Within the OECD countries
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