There's been a real depreciation of the dollar over the past month. In the long run, you would expect the quantity of
A) American imports to fall and the quantity of American exports to fall.
B) American imports to rise and the quantity of American exports to rise.
C) American imports to fall and the quantity of American exports to rise.
D) American imports to rise and the quantity of American exports to fall.
C
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Many economists would argue that some frictional unemployment
A) creates massive economic disruptions and should be eliminated as quickly as feasible. B) should be eliminated whatever the cost. C) no longer exists because increased unemployment benefits have generally solved this problem. D) cannot and probably should not be eliminated.
If a person is earning $80,000 per year as a dentist and could earn at most $45,000 per year doing something else, his transfer earnings are ____, whereas his economic rent is ____
a. $45,000 . $35,000 b. $80,000 . $45,000 c. $45,000 . $80,000 d. $80,000 . $35,000 e. $35,000 . $45,000
The real value of an economic statistic refers to a statistic that has been adjusted for: a. depreciation
b. recession. c. inflation. d. unemployment.
The classical economists believed in all the following, EXCEPT
A. the crude version of the quantity theory of money. B. laissez faire. C. the sophisticated version of the quantity theory of money. D. Say's Law.