Wealth can be thought of as:
A. The sum total of all assets less any debts.
B. The sum of all assets you have at any one point in time.
C. The income that you have earned that year.
D. The sum of all assets and any expected future assets.
A. The sum total of all assets less any debts.
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Suppose that the expected inflation rate is 3 percent and the actual inflation rate is 6 percent. Then borrowers
A. are worse off and lenders are better off. B. and lenders are both worse off. C. are better off and lenders are worse off. D. and lenders are both better off.
If a union successfully restricts the supply of labor to the firm but the union has no effect on the demand for labor, then the
A) wage increases and there is no change in employment. B) wage increases and employment increases. C) wage increases and employment decreases. D) wage increases and there is an unambiguous effect on employment.
Which of the following is FALSE about issues/negotiations in the Doha Development agenda?
A) It is intended to deal with economic development issues and trade barriers facing developing countries that were not adequately addressed in the Uruguay Round. B) Many developing countries are upset with the levels of tariffs and other barriers that industrialized countries use to protect agriculture, clothing and textiles. C) Industrialized countries want developing countries to reduce their tariffs, which on average are higher than the rates of richer countries. D) Developing countries don't use tariffs, and they want higher income countries to follow their model.
The marginal propensity to consume measures the ratio of the:
a. average amount of our income that we spend. b. average amount of our savings that we spend. c. change in consumer spending to a change in money holdings. d. change in consumer spending to a change in interest rates. e. change in consumer spending to a change in income.