Inequality between countries, in terms of differences in their average national incomes, has been:
A. increasing since the 1930s.
B. decreasing over recent decades.
C. decreasing since the 1930s.
D. increasing over recent decades.
Answer: B
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What happens to wage and rental rate according to the Heckscher-Ohlin model if the price of a good that uses capital extensively increases by 6%?
a. Both wage and rental rate decrease by 6%. b. Both wage and rental rate increase by less than 6%. c. Both wage and rental rate increase by more than 6%. d. Wage rate increases by more than 6% but rental rate decreases. e. Wage rate decreases but rental rate increases more than 6%.
The natural rate of unemployment is that rate at which the economy achieves its potential real GDP
a. True b. False Indicate whether the statement is true or false
The United States' involvement in World War II caused
a. both the aggregate demand curve and aggregate supply curve to shift outward, causing GDP to increase and the price level to decrease b. both the aggregate demand curve and aggregate supply curve to shift inward, causing GDP to increase and the price level to decrease c. the aggregate demand curve to shift inward and the aggregate supply curve to shift outward, causing both GDP and the price level to increase d. the aggregate demand curve to shift outward and the aggregate supply curve to shift inward, causing both GDP and the price level to increase e. aggregate demand to initially shift out, then reverse, leaving the economy at equilibrium
Which of the following is descriptive of the law of diminishing marginal utility?
A) The third hamburger consumed provides less utility than the second hamburger consumed. B) The third hamburger is priced higher than the first hamburger. C) As price falls, quantity demanded rises, ceteris paribus. D) The price of a good rises as the costs of producing that good rise. E) none of the above