Under a gold standard, a balance of payments deficit automatically
a. raised interest rates.
b. decreased exports.
c. increased domestic prices.
d. increased imports.
a
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U.S. real GDP
A) measures the change in the price level over time. B) precisely measures the improving standard of living in the United States. C) excludes the value of underground production and leisure time. D) includes the value of underground production but excludes the value of leisure time. E) is not as accurate as nominal GDP when measuring standard of living changes over time.
Which of the following is NOT a determinant of household saving?
A) the nominal interest rate B) disposable income C) the household's wealth D) expected future income
Most economist would consider the marginal private benefit of education is
A) less than the marginal social benefit. B) equal to the marginal social benefit. C) greater than the marginal social benefit. D) equal to the marginal social cost.
Refer the above figure. Suppose the union sets the wage rate that will maximize the total income for the members who work. The total wages will be
A) W1iL4O. B) W2aL3O. C) W3bL2O. D) W3bhW1.