When economists refer to capital, they might mean
a. money
b. human skills used in production
c. stocks
d. bonds
e. bank loans
B
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If a man marries his hired housekeeper, the value of GDP
a. rises b. falls c. is unchanged d. rises, but the value of national income falls e. falls, but the value of national income rises
It has been said that "economics is the science of common sense." Is economics synonymous with common sense?
Assume that the central bank increases the reserve requirement. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the GDP Price Index and current international transactions in the context of the Three-Sector-Model?
a. The GDP Price Index falls, and current international transactions become more negative (or less positive). b. The GDP Price Index rises, and current international transactions becomes more negative (or less positive). c. The GDP Price Index and current international transactions remain the same. d. The GDP Price Index rises, and current international transactions remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
The principal objective of WTO is to:
a. encourage countries to establish quotas. b. establish fair prices for all goods traded internationally. c. reduce the level of all tariffs. d. prevent the trading of services across nations' borders.