What is the distribution of the world's population between the developed nations and developing nations? What is the distribution of income between these two groups and their consumption as a percentage of world income?
What will be an ideal response?
While the developed nations account for only about one-quarter of the world's population, they are estimated to produce three-quarters of the world's output and earn three-quarters of the income. Developing countries have three-fourths of the world's people, but earn only one-fourth of the world's income.
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If you were a member of the NBER business-cycle dating committee, would you declare that the U.S
economy is now in a recession? Why? Describe the major variables that you would look at to determine whether the economy is in a recession or not, and what features of the data you would look for.
If the price of domestically produced power tools increases, then
a. the consumer price index and the GDP deflator will both increase. b. the consumer price index will increase, and the GDP deflator will be unaffected. c. the consumer price index will be unaffected, and the GDP deflator will increase. d. the consumer price index and the GDP deflator will both be unaffected.
One timing problem in using fiscal policy to counter a recession is the "recognition lag" that occurs between the
A. time the need for the fiscal action is recognized and the time that the action is taken. B. start of a predicted recession and the actual start of the recession. C. start of the recession and the time it takes to recognize that the recession has started. D. time fiscal action is taken and the time that the action has its effect on the economy.
Suppose you are offered a concert ticket in exchange for four hours of your work in your friend's garden. This is an example of
A. money as a standard of deferred payment. B. money as a medium of exchange. C. barter. D. money as a store of value.