Hyperinflation is generally defined as inflation that exceeds 50 percent per month
a. True
b. False
Indicate whether the statement is true or false
True
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Luxury goods have income elasticity:
A) of less than zero. B) between zero and one. C) equal to one. D) greater than one.
Refer to above figure. Why would workers not shift from agriculture to manufacturing in the initial situation where wages are higher in the latter?
What will be an ideal response?
Our national income account underestimates our economic well-being because
a. it includes the underground economy, which is of negative value b. it ignores the value of work done by hired nannies c. it ignores the value of work done by householders (housewives or househusbands) d. it ignores the value of work done by salespeople who don't actually produce the goods and services e. it includes the value of pollution, along with the goods produced, which is actually a negative value
An open economy's GDP is always given by
a. Y = C + I + G. b. Y = C + I + G + T. c. Y = C + I + G + S. d. Y = C + I + G + NX.