A medical doctor who specializes in a particular field (e.g., surgery) generally earns more than a general practitioner because
a. of greater education and training requirements
b. of differences in labor mobility
c. a general practitioner is more likely to work in an urban area
d. of discrimination
e. a general practitioner treats a greater number of patients per day
A
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A) government securities are issued B) government securities are sold by the central bank C) government securities are bought by the central bank D) tax revenues fall short of government expenditures
Which of the following means that the country is a net borrower from abroad?
a. current account surplus b. current account deficit c. trade surplus d. trade deficit
What is the opportunity cost of allocating more and more resources to the production of capital goods?
A. a decrease in real income B. the amount of consumption goods that could have been produced C. the increase in pollution D. the environmental goods foregone
The period of growth in real GDP between the trough of the business cycle and the next peak is called the:
A. recessionary phase. B. recovery phase. C. contractionary phase. D. cyclical phase.