Which of the following is included in GDP?
a. life expectancy
b. literacy
c. health
d. infant mortality
c. health
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Refer to Figure 28-7. Consider the Phillips curves depicted in the graph above. The Fed announces its intention to decrease inflation from 10 percent to 5 percent per year, and it succeeds
If the assumptions of the rational expectations school hold true, and the Fed's announcement is credible, the rate of unemployment will be ________ in the short run. A) less than 5.5 percent B) 5.5 percent C) between 5.5 and 7.5 percent D) 7.5 percent
A recent breakthrough in the field of genetics will allow scientists to insert into banana trees a human gene that protects against deadly childhood diseases. This is an important breakthrough for some less-developed countries because they cannot afford the traditional vaccines for these diseases. What effect might this breakthrough have on these countries' aggregate supply curves?
Differences in opportunity cost allow for gains from trade
a. True b. False Indicate whether the statement is true or false
Inoculation programs against certain diseases such as small pox, polio, and whooping cough create:
a. nonrival goods. b. external costs to society equal to the costs of the program. c. nonexcludable goods. d. public goods. e. positive externalities in consumption