An external market
A) should always replace internal markets.
B) have problems that internal markets do not.
C) should be used to discipline the internal market.
D) fewer economies of scope.
C
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The current account is the sum of ________
A) net exports, net factor income from abroad and net transfers from abroad. B) consumption, investment, and government expenditure C) net exports and net investment from abroad D) net exports and net transfers from abroad
Which of the following groups of people are members of the labor force?
a. People in prison. b. Full-time students. c. People over 16 years of age who are employed. d. Anyone not actively looking for work during the past 30 days.
GDP can be used to measure both short-term changes (i.e., over several months) and long-term changes in economic activity
a. True b. False
Real GDP differs from nominal GDP in that nominal GDP measures
A. output adjusted for inflation. B. real output of goods and services. C. output of goods and services at current prices. D. real income adjusted for changes in the price level.