To say that government intervenes in the economy to promote equality is to say that government is aiming to
a. create a more fair distribution of income.
b. change the ingredients that are used to "bake" the economic pie.
c. enlarge the economic pie.
d. All of the above are correct.
a
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The invention of machinery that can double the amount of gold extracted from raw ore will likely: a. raise the world price of gold to pay for the new machinery
b. lower the world price of gold because any given amount can now be produced more cheaply. c. raise the world price of gold because miners' wages must double as their productivity doubles. d. lower the world price of gold only if new mining companies are not allowed to enter the industry.
If the U.S. demand for German goods increases, then
A. the U.S. current account deficit with Germany will improve. B. Germany will experience currency devaluation. C. the euro will appreciate in value against the U.S. dollar. D. the euro will depreciate in value against the U.S. dollar.