Real, rather than nominal, figures are important to use when making comparisons of incomes across time periods because
What will be an ideal response?
the real figures are adjusted for changes in the general level of prices.
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If the dollar appreciates relative to foreign currencies, then ________.
A. net exports of the U.S. will increase B. U.S. goods will look cheaper to foreign buyers C. foreign buyers will find U.S. goods become more expensive D. foreign goods will look more expensive to U.S. buyers
What was the GATT?
What will be an ideal response?
Which of the following statements is true?
a. The Phillips curve has always been stable. b. If the Phillips curve shifts outward to the right this illustrates a greater tradeoff between unemployment and inflation. c. Keynesian economics assumes a vertical Phillips curve. d. According to the natural rate hypothesis the Phillips curve is downward sloping. e. All of these.
The capabilities approach allows us to focus on issues of:
A. poverty, inequality, and human development. B. income, poverty, and economic growth. C. human development, capital development, and technological progress. D. personal happiness, individual pleasure, and pain avoidance.