The principles of economics cannot explain which of the following:
A. Why people choose to work or go to college.
B. Why a country might prosper.
C. How the value of money changes over time.
D. How the temperature index is measured.
D. How the temperature index is measured.
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An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. To maximize total output, Jen should specialize in producing ________ while Rich should specialize in producing ________.
A. TVs; radios B. radios; both goods C. radios; TVs D. TVs; TVs
The measurement error is the difference between the actual value of a variable and its reported value.
Answer the following statement true (T) or false (F)
In an economy, the value of inventories was $75 billion in 2009 and $63 billion in 2010. In calculating total investment for 2010, national income accountants would:
A. Decrease it by $75 billion B. Increase it by $63 billion C. Decrease it by $12 billion D. Increase it by $138 billion
Consider two countries: A and B. In country A, the annual growth rate of GDP per capita is 2%, while in country B the annual growth rate of GDP per capita is 6%. At present, country B's GDP per capita is higher than country A's GDP per capita
Which of the following statements will then be true? A) The gap between country A's GDP per capita and country B's GDP per capita will decrease for the first few years and then will increase later. B) The gap between country A's GDP per capita and country B's per capita will decrease over time. C) The gap between country A's GDP per capita and country B's per capita will widen over time. D) The gap between country A's GDP per capita and country B's per capita will remain the same.