According to the text, a typical resident born in an advanced nation in the early 1980s would
A. experience a lower level of per capital real GDP by 2000.
B. experience about 40% larger in per capital real GDP by 2000.
C. experience two times larger in per capital real GDP by 2000.
D. experience almost the same per capital real GDP by 2000.
Answer: B
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Suppose this economy is currently closed. ________ is/are most likely to want open trade, and ________ is/are most likely to oppose opening the economy to trade. 
A. bike manufacturers; bike purchasers B. the government; bike purchasers C. bike manufacturers; the government D. bike purchasers; bike manufacturers
According to the theory of purchasing power parity, the exchange rate between two countries reflects
A) the interest rates in the two countries. B) the unemployment rates in the two countries. C) government spending in the two countries. D) differences in the overall price levels in the two countries.
An expenditure-changing policy
A) alters the direction of the economy's total demand for goods and services. B) alters the level of the economy's total demand for goods and services. C) has no effect on aggregate demand. D) is the same thing as an expenditure-switching policy. E) affects aggregate supply but not aggregate demand.
Adoption of a guaranteed annual income with benefits (B) given by B = 20,000 -.5 (earnings) would be expected to reduce work effort by low wage workers because:
a. the income effect would outweigh the substitution effect of the plan. b. the substitution effect would outweigh the income effect of the plan. c. both substitution and income effects would operate to reduce work effort. d. the plan would make working financially unattractive.