Which of the following is a desirable characteristic in an economy?
A. sustained deflation
B. high inflation
C. growing per-capita output
D. cyclical unemployment
Answer: C
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The law of demand states that, all else held constant,
A. price and quantity demanded are inversely related. B. the larger the number of buyers in a market, the lower the product price will be. C. consumers will buy more of a product at high prices than at low prices. D. price and quantity demanded are directly related.
Zoran, a Croatian citizen, only works in the United States. The value added to production from his employment is:
A) included in Croatian GDP. B) included only in U.S. GDP. C) included only in U.S. GNP. D) not included in either U.S. GDP or U.S. GNP.
Keynesians believe that budgetary restraint should be used to cool an overheated economy.
Answer the following statement true (T) or false (F)
Refer to Exhibit 2-9. If Alex and Adam each specialize in the good in which he has a comparative advantage and then engage in trade, ____________________ can consume a combination of goods that lies beyond their PPF
