Assume that any given percentage of the population earns an equal percentage of real GDP. This percentage of population will be represented by:
a. a point below the line of income equality.
b. a line lying below the line of income equality.
c. a point on the line of income equality.
d. a line lying above the line of income equality.
e. a point above the line of income equality.
c
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If the current account has a negative balance of $100 and the capital and financial account has a positive balance of $80, there will be ________ in official reserves of ________
A) a decrease; $20 B) an increase; $20 C) an increase; $180 D) a decrease; $180
In the long run, the Phillips curve is a ________ at ________
A) horizontal line; 0% inflation B) vertical line; the natural rate of unemployment C) vertical line; the expected rate of inflation D) negatively sloped line; the intersection of aggregate demand and short-run aggregate supply
Gross domestic product refers to the: a. market value of all final goods and services produced in an economy during a year
b. market value of all goods and services produced by resources located outside the country. c. market value of all intermediate goods and services produced by resources located within the country. d. market value of all used goods exchanged within the country.
The opportunity cost of watching television is:
A. all of the alternative programs that appear on other stations. B. zero because there is no money expenditure involved. C. the alternative use of the time foregone by watching the program. D. zero if it benefits you.