There is evidence that income per worker is converging in
A) the richest countries and the poorest countries.
B) the richest countries, but not the poorest countries.
C) the poorest countries, but not the richest countries.
D) neither the richest nor the poorest countries.
B
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The elements of investment spending are ________
A) calculated only in real terms B) equivalent to their corresponding international transactions C) consumption, government, exports and imports D) highly procyclical
According to adaptive expectations theory, which of the following would be the result of expansionary monetary and fiscal policies?
a. The economy self-corrects to the natural rate of unemployment. b. There is no long-run trade off between inflation and unemployment. c. The inflation rate rises. d. All of these.
A statement describing how the world is
a. is a normative statement. b. is a positive statement. c. would only be made by an economist speaking as a policy adviser. d. would only be made by an economist employed by the government.
What is marginal cost?
a. the change in total costs resulting from a one-unit change in output b. a per-unit measure of costs that change with the level of output c. an estimate of the per-unit value of the best alternative not pursued d. a cost counted toward economic profits but not accounting profits