Refer to the information provided in Table 21.3 below to answer the question(s) that follow. Table 21.3
Refer to Table 21.3. The value of disposable income in billions of dollars
A. is 505.
B. is 560.
C. is 605.
D. cannot be calculated given the information in Table 6.3.
Answer: D
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Which of the following statements is TRUE?
A) Real GDP fluctuates around potential GDP. B) Potential GDP fluctuates around real GDP. C) Potential GDP is the same as real GDP. D) When all of the economy's resources are fully employed, the value of production is called real GDP.
If a nation has a(n) _____ in the production of an item, it can produce _____ of the item with the same quantity of resources than can other nations.
A. absolute advantage; more B. mutual gain; the same amount C. special advantage; more D. comparative advantage; more
Two cities A&B are deciding upon joint pollution laws. Right now they both face identical prices for their housing. If they decide that city A is to be a pollution free city "Clean town" and all the factories would locate in city B "Smogville", in the long run, we expect to see
a. Asthmatics moving to Cleantown b. Poorer families moving to Smogville c. Residents in both the cities relocating based on their tolerance for pollution d. All of the above
In the current international monetary system, what is the role for gold?
A. The system is a gold-exchange standard, based on a fixed value for a key currency. B. Gold backs each currency, and therefore, the system as a whole. C. It serves as the principal reserve asset. D. It has no role.