Economic data that are adjusted for price-level changes are said to be expressed in terms of
A. historical dollars.
B. variable dollars.
C. nominal dollars.
D. real dollars.
Ans: D. real dollars.
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The argument that jobs are lost to free trade is
A) correct because jobs are lost but foreign countries are helped and we can afford losses. B) totally false because no jobs are lost to free trade. C) somewhat correct because some jobs are lost but incorrect because new jobs also are created. D) true only when tariffs are imposed on the goods being imported. E) incorrect because no jobs are lost and new jobs are created by trade.
When the government borrows in the market, it
A. does not have to pay interest. B. is not required to pay back the entire principle. C. can get indefinite extensions on the loan. D. all of these answer options are correct. E. none of these answer options are correct.
Picture an economy that is in general equilibrium. What would happen if the natural rate of unemployment were to experience an increase?
A) according to the Phillips curve, the ensuing negative unemployment gap would exert inflationary pressures B) according to Okun's Law, the ensuing negative unemployment gap would be consistent with a positive output gap C) according to the AD-AS framework, the LRAS curve would shift to the left and the ensuing positive output gap would be closed by subsequent leftward shifts in the AS curve to higher equilibrium levels of inflation D) all of the above E) none of the above
Randomized controlled trials:
A. choose people randomly to measure the impact of a particular intervention, saving the cost of evaluating all participants. B. randomly assign people into control and treatment groups in order to focus on the impact of a particular intervention. C. are not a useful tool in assessing how specific interventions may influence economic development. D. control how much of a treatment is given to each participant in order to measure the ideal quantity.