A comparative advantage in the production of oil is held by
A. Australia.
B. the United States.
C. both countries.
D. neither country.
A. Australia.
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Regarding the output growth slowdown during the 1970s and 1980s, it is true that
a. the slowdown took place in the U.S. but not other developing countries. b. the primary determinant of the slowdown was lower labor productivity growth. c. increases in capital formation did not offset some of the slowdown in labor productivity growth. d. both b and c.
Which United States President is most closely identified with the Great Depression?
a. Calvin Coolidge. b. Herbert Hoover. c. Franklin Roosevelt. d. Theodore Roosevelt. e. Richard Nixon.
Economic indicators, like unemployment claims and the average workweek, which change before real GDP changes, are called:
a. leading. b. lagging. c. coincident. d. structural.
A household that spends more than it receives in income during a given period is
A. saving. B. receiving transfer payments. C. running a deficit. D. dissaving.