One country has an absolute advantage over another country if it can produce a good using smaller quantities of resources
a. True
b. False
Indicate whether the statement is true or false
True
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"Policy ineffectiveness" refers to the hypothesis that monetary and fiscal policy actions that change aggregate demand will
a. neither affect output nor employment even in the short run. b. affect output and employment in both the short run and long run. c. affect output but not employment in the short run. d. not affect output but will affect employment in the long run.
In an economy with 100 million people, 70 million hold civilian jobs and 19 million are not working but are looking for jobs. The unemployment rate is
A) 12.86% B) 21.35%. C) 9.19%. D) 27.14%. E) 2.87%
The GDP gap measures the amount by which:
A. nominal GDP exceeds real GDP. B. actual GDP exceeds potential GDP. C. actual GDP exceeds national income. D. potential GDP exceeds actual GDP.
What is the type of economic system that relies on one central authority to make economic decisions?
A. command and control B. mixed economic system C. price system D. free market