All of the following are indicators of a nation's standard of living except
A. infant mortality rate.
B. life expectancy.
C. literacy rate.
D. the inflation rate measured by CPI.
Ans: D. the inflation rate measured by CPI.
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In the long run, the effect of a reduction in the money supply is to
A) decrease both the price level and real Gross Domestic Product (GDP). B) decrease real Gross Domestic Product (GDP) only. C) decrease the price level and increase real Gross Domestic Product (GDP). D) decrease the price level only.
Which of the following statements about capital markets is true?
A) At one time, the U.S. capital market was larger than all other capital markets combined, but that is no longer the case. B) The U.S. capital market is currently larger than all other capital markets combined. C) The largest capital markets in the world today are in East Asia and Latin America. D) There are currently large capital markets in Europe, but none in Asia.
Capital can be treated as a free resource
Indicate whether the statement is true or false
The supply curve for whiskey is the typical upward-sloping straight line, and the demand curve for whiskey is the typical downward-sloping straight line. When whiskey is taxed, the area on the relevant supply-and-demand graph that represents
a. government's tax revenue is a rectangle. b. the deadweight loss of the tax is a triangle. c. the loss of consumer surplus caused by the tax is neither a rectangle nor a triangle. d. All of the above are correct.