If we were on curve K, the upper two quintiles received about _____% of income.
A. 25
B. 35
C. 45
D. 55
D. 55
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The purchasing power parity theory is a reasonably good explanation for nominal exchange rate determination:
A. in the short run. B. in the long run. C. when there are fixed exchange rates. D. when there are significant volumes of non-traded goods and services.
The best definition for economic growth is
A) a sustained expansion of production possibilities measured as the increase in real GDP over a given period. B) a sustained expansion of production possibilities measured as the increase in nominal GDP over a given period. C) a sustained expansion of consumption goods over a given period. D) a sustained expansion of production goods over a given period.
When the price of a normal good falls, the substitution effect leads to ________ in the quantity purchased and the income effect leads to ________ in the quantity purchased
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
Under the bimetallic standard of the 19th century:
a. the amount of money in circulation increased. b. the American dollar served poorly as a unit of account. c. only one metal tended to circulate as money at any given time. d. the government earned profits by selling gold.