Refer to Supply and Demand. The social gain from a draft is represented by
The following questions refer to the accompanying graph, which shows the supply and demand for military service where Q0 represents the quantity provided by a volunteer army and Qd the quantity provided by a draft.
a. areas A + B + F.
b. areas A + B + F - E.
c. areas B + F.
d. Areas A + B + C + D.
b. areas A + B + F - E.
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When the economy is to the right of the potential GDP, what type of gap exists?
a. An unemployment gap b. A structural gap c. A recessionary gap d. An inflationary gap
Suppose the aggregate price level in France is 120, the aggregate price level in Canada is 100, and the real exchange rate between these two countries is 5 . The number of Euros per Canadian dollar is _____
a. 2.5 b. 3.2 c. 6 d. 2.4
The main purpose of the Fed is to
a. serve as the bankers' bank for member banks. b. regulate interest rates. c. print Federal Reserve Notes. d. regulate financial institutions. e. maintain the proper functioning of our money system.
Which statement about population growth is true?
a. Rapid population growth lacks economic benefits. b. The fastest population growth occurs in wealthy, developed countries. c. Rapid population growth does not have to impede economic growth. d. Population growth usually results in a decline in per capita output.