When comparing the standard of living in two countries it is important to adjust total output for differences in:
A. population
B. geographic area
C. political systems
D. employment levels
Answer: A
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When the nominal rate of interest and the rate of inflation are the same, the real interest rate is zero
Indicate whether the statement is true or false
Which of the following changes would lead, according to the Solow model, to a higher level of long-run output per worker?
A. A lower level of capital per worker B. A rise in the rate of population growth C. A decrease in productivity D. An increase in the saving rate
The term ______ describes circumstances where a country's exports exceed its imports.
a. trade deficit b. trade imbalance c. trade surplus d. trade balance
According to the Keynesian framework, which of the following will not help a country to get out of a recession, but may help that country reduce inflation?
a. an increase in military spending b. a decrease in military spending c. increase in spending by the government on health care d. decrease in federal government taxation of personal income