Over the past fifty years, there has been substantial closure of the gap in real GDP per person between which of the following groups of countries?
A) the United States and Central and South America
B) Africa and Western Europe
C) Central and South America and Africa
D) the United States and Japan
D
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Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of
A) microeconomics. B) social interest versus self-interest. C) macroeconomics. D) why to produce. E) scarcity.
Specializing in the production of a good or service in which one has a comparative advantage enables a country to do all of the following except
A) engage in mutually beneficial trade with other nations. B) produce a combination of goods that lies outside its own production possibilities frontier. C) consume a combination of goods that lies outside its own production possibilities frontier. D) increase the variety of products that it can consume with no increase in resources.
Figure 32-2
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Suppose that Figure 32-2 shows the effects of reducing the budget deficit by raising taxes. If authorities do not want real GDP to fall, monetary policy must
A. become sufficiently more expansionary to restore the aggregate demand curve to D0D0. B. contract aggregate demand to be consistent with deficit-reducing fiscal policy. C. not lower interest rates and thwart the goal of a balanced budget. D. become more contractionary to lower the interest rate and spur investment.
By providing in-kind benefits such as company cars, a company benefits because _____
a. they can pay less for employees b. their employees are late less frequently c. employees are grateful d. they are taxed as ordinary income not business expenses