What does efficiency mean?
a) Society is conserving resources in order to save them for the future
b) Society's goods and services are distributed fairly among society's members
c) Society has lessened its dependence on foreign energy sources
d) Society is getting the most it can from its scarce resources
Ans: d) Society is getting the most it can from its scarce resources
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Suppose that the exchange rate between Japanese yen and U.S. dollars is originally 130 yen to the dollar. If it then changes to 150 yen to the dollar, exports of U.S. goods to Japan will tend to: a. rise
b. fall. c. stay the same. d. change in an indeterminate direction.
Crowding out can best be defined as
a. higher interest rates caused by restrictive monetary policy, which reduces investment. b. higher interest rates caused by restrictive monetary policy, which increases saving and reduces consumption spending. c. government budget deficits causing a drop in private borrowing because of higher interest rates. d. government budget deficits causing a drop in interest rates, which reduces private saving.