If the price of a good in a closed economy is greater than the world price, then if the country opens its markets to world trade the country will be a ________ of that good.
A. producer
B. net exporter
C. importer and exporter
D. net importer
Answer: D
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A nation's real GDP was $250 billion in 2014 and $265 billion in 2015. Its population was 120 million in 2014 and 125 million in 2015. What is its real GDP per capita in 2015?
A. $2,120 per person B. $212 per person C. $205 per person D. $21,200 per person
Which of the following best describes chattel slavery?
(a) It provided protected property rights to the slaves. (b) It offered property rights to the slave owners. (c) It involved the establishment of a voluntary contract between slave and slave owner. (d) It created wealth for the slave and slave owner.
The marginal productivity theory of distribution holds that
a. each factor is paid what it deserves. b. the owner of each factor is paid the amount that the factor contributes to earnings. c. each factor's income depends on how hard it works. d. each factor receives an equal share of the revenue from production.
Do economists know the value of the MPC for most economies?
a. Yes, with a high level of precision. b. Yes, with a certainty level of four decimal places. c. No, it is impossible to determine a national MPC. d. Yes, but with some level of uncertainty.