National income (NI) is calculated by adjusting GDP for:
a. corporate and personal income taxes.
b. investment and net exports.
c. depreciation.
d. Social Security insurance contributions and transfer payments.
c
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Which three macroeconomic variables together best describe the health of the economy?
A. Output, GDP, and inflation B. Output, inflation, and prices C. GDP, unemployment, and employment D. Output, prices, and employment
If Ireland can produce cloth at a lower opportunity cost than Austria, then Ireland has a comparative advantage vis-à-vis Austria in cloth
Indicate whether the statement is true or false
Which of the following causes a shortage to become larger?
a. An increase in market price. b. An increase in supply. c. A decrease in price. d. A decrease in demand.
If there is currently a shortage of dollars, which of the following would you expect to see in the foreign exchange market?
A) The dollar will appreciate. B) The dollar will depreciate. C) There will be an increase in the demand for dollars. D) There will be an increase in the supply of dollars.