The unemployment rate for younger workers is usually ________ the unemployment rate for older workers.
A. more predictable than
B. higher than
C. lower than
D. approximately equal to
Answer: B
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Trading partners should specialize in producing goods in accordance with comparative advantage, then trade and diversify in consumption because
a. out-of-pocket costs of production decline b. free trade areas protect infant industries c. economies of scale are present d. manufacturers face diminishing returns e. more goods are available for consumption
Bryan Mackenzie, from Los Angeles, California, is an independent computer consultant. Companies all over the world hire him to design their computer systems. Are the services he renders in Tokyo, Japan, included in the United States GNP? Are they included in the United States GDP? Explain your answers
The book that is the basis for modern macroeconomic theory is
a. The Wealth of Nations. b. Principles of Political Economy. c. The General History of Money and Banking. d. The General Theory of Employment, Interest, and Money.
Macroeconomics is the independent study of individual parts of the economy.
Answer the following statement true (T) or false (F)