Which of the following is a measure of standard of living that is not included in GDP?
a. recreation and travel
b. literacy level
c. medical expenses
d. college tuition
b. literacy level
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Holding other factors constant, if growing concerns about job security raise precautionary saving, then the real interest rate will ________ and the equilibrium quantity of national saving and investment will ________.
A. increase; increase B. decrease; decrease C. decrease; increase D. increase; decrease
Modern Phillips curve analysis indicates that if people
a. underestimate inflation, actual unemployment will be below the natural rate. b. overestimate inflation, actual unemployment will be below the natural rate. c. accurately estimate inflation, actual unemployment will be less than the natural rate. d. accurately estimate inflation, actual unemployment will be below the natural rate.
Currency appreciation would occur in a nation if
A. the demand for the nation's exports increases. B. the demand for the nation's imports increases. C. real interest rates in the nation decrease relative to the rest of the world. D. the inflation rate is higher within the nation than in the rest of the world.
When a firm earns a normal rate of return, it
A. should shut down. B. breaks even. C. earns a profit. D. suffers a loss.