The balance of payments is:
A. the accounting of trade in goods and capital.
B. positive when a country has a trade deficit.
C. the accounting of trade in financial assets.
D. negative when a country has a trade surplus.
Answer: A
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According to human capital theory, all of the following help make workers more productive EXCEPT
A) health and fitness. B) increased unemployment benefits. C) skills. D) education.
The fact that prices for similar goods differ across nations complicates comparisons of real GDP across countries
Indicate whether the statement is true or false
Government can play a crucial role in promoting economic efficiency by
a. taxing income b. providing physical and institutional infrastructures c. establishing price ceilings to help certain buyers d. establishing price floors to help certain sellers e. creating barriers to market entry whenever there is a threat of excessive competition
The government's purchases of goods but not its purchases of services are included in GDP
a. True b. False Indicate whether the statement is true or false