Which of the following statements is correct?
a. Growth of productivity is the main determinant of growth in living standards.
b. Common knowledge and proprietary technology are both important for the economy's production of goods and services.
c. The terms capital and physical capital refer to the same thing.
d. All of the above are correct.
d
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Considering a PPF with health care services on the vertical axis and other goods and services on the horizontal axis, the increasing production of health care services in the United States as a result of the aging population represents
A) a movement upward along the PPF. B) an outward shift of the PPF from the vertical axis. C) an outward shift of the PPF from the horizontal axis. D) a movement downward along the PPF.
Assume a country experiences heavy capital outflows. Where and how should you begin your analysis when analyzing the chain reaction of economic interactions? Assume the exchange rate is stated as: (Domestic currency/Foreign currency)
a. Start the analysis in the foreign exchange market with demand shifting to the right. b. Start the analysis in the foreign exchange market with supply shifting to the left. c. Start the analysis in the foreign exchange market with supply shifting to the right. d. Start the analysis in the real credit market with demand shifting to the left. e. Start the analysis in the real credit market with demand shifting to the right.
Maury did not work last week because fire forced an evacuation of his workplace. The Bureau of Labor Statistics counts Maury as
a. unemployed and in the labor force. b. unemployed and not in the labor force. c. employed and in the labor force. d. employed and not in the labor force.
Leo has a million dollars to invest. What would this be considered as on the circular flow diagram?
a. consumption spending
b. goods and services sold
c. money income
d. capital