Real GDP refers to:
A. the value of the domestic output after adjustments have been made for environmental
pollution and changes in the distribution of income.
B. GDP data that embody changes in the price level but not changes in physical output.
C. GDP data that do not reflect changes in both physical output and the price level.
D. GDP data that have been adjusted for changes in the price level.
D. GDP data that have been adjusted for changes in the price level.
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Indifference curves are
A) bowed in toward the origin if there is diminishing marginal rate of substitution. B) straight lines if the goods are perfect complements. C) right angles if the goods are perfect substitutes. D) always bowed out and away from the origin.
Which of the following is not associated with global poverty?
A. Long life expectancy. B. The inequality trap. C. Prevalence of HIV. D. Lack of education.
For many years, U.S. investment has exceeded savings and government expenditure has exceeded taxes
These imbalances (deficits) have been financed through international ________ by the United States as shown by the surplus on the balance of payments ________ account. A) lending; current B) borrowing; capital and financial C) borrowing; official settlements D) lending; official settlements E) borrowing; current
The Leontief Paradox
A) failed to support the validity of the Heckscher-Ohlin model. B) supported the validity of the Ricardian theory of comparative advantage. C) supported the validity of the Heckscher-Ohlin model. D) failed to support the validity of the Ricardian theory. E) proved that the U.S. economy is different from all others.