Although imperfect, which of the following is used as a measure of the standard of living?
A) real GDP ÷ population
B) real GDP × population
C) nominal GDP × population
D) nominal GNP ÷ population
E) nominal GNP × population
A
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What is true of depletable resources is that
a. increasing scarcity leads to their total disappearance. b. they are depleted by gradually using up the supply of homogeneous resources, every unit of which is equally available. c. generally the most accessible and cheapest sources are used up so that new supplies become more costly. d. their prices must rise at the average rate of inflation.
If someone has a high willingness to take on situations with risk, he is considered:
A. low-risk. B. high-compensation. C. risk-seeking. D. risk-averse.
Arbitrage is the act of buying low in one market and selling high in another market
a. True b. False Indicate whether the statement is true or false
Canada and the United States produce computers and chemicals using labor and capital as the only inputs in production. The United States is capital abundant, and Canada is labor abundant. Computer production is more labor intensive than chemical production in both countries. What does the HeckscherOhlin model predict will happen to prices of computers or chemicals in the two countries?
a. The price of chemicals should rise in the United States. b. The price of chemicals should fall in the United States. c. The price of computers should fall in Canada. d. The price of chemicals should rise in Canada.