According to the structural stagnation model, an increasing trade deficit translates into ________ unemployment and ________ globally-constrained potential output.
A. higher; lower
B. lower; higher
C. lower; lower
D. higher; higher
Answer: A
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Which of the following losses to an individual would an insurance company NOT cover?
A) The person's automobile is stolen. B) Fire destroys the person's home. C) The person's father dies. D) The person's country is invaded.
In a functioning market, people will buy a good up to the point where:
A. the marginal benefit of each unit is equal to the marginal cost of each unit. B. the total benefit of the good is equal to the total cost of the good. C. the marginal benefit of the last unit is equal to the marginal cost of that unit. D. they can no longer afford it.
A good produced in 2009 and held in inventory until it is sold in 2010 would be included in which measure of GDP?
A. Half the value in 2009 and half the value in 2010 B. In 2010 GDP C. In both 2009 and 2010 GDP D. In 2009 GDP
The concept that for each additional unit of a good the added satisfaction you receive from consuming the good decreases is called _____?
A. Diminishing marginal utility B. Chaos concept C. Self-interest utility D. Rational choice theory