Normative statements
i. describe how the world is.
ii. describe how the world ought to be.
iii. depend on people's values and cannot be tested.
A) ii only. B) i and iii. C) iii only. D) i only. E) ii and iii.
E
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The benefit to employers of deferred-payments is that
A) adverse selection is eliminated. B) employers cannot engage in any opportunistic behavior. C) these payments raise the cost of being fired, so more monitoring is needed. D) these payments raise the cost of being fired, so less monitoring is needed.
The price elasticity of demand for good x is defined as:
a. percentage change in px / percentage change in x. b. percentage change in x /percentage change in px. c. percentage change in x/percentage change in income. d. percentage change in x /percentage change in py.
The inflation-adjusted value of final goods and services produced in the United States measures:
A. Nominal GDP. B. Real GDP. C. Per capita GDP. D. GDP per worker.
Which of the following is most likely to be an impact of foreign direct investment?
A. Government revenue of the home country increases. B. The wage rate declines in the host countries. C. The rental rate of capital declines in the home country. D. Temporary unemployment may arise in the home country.