If the price index moves from 105 to 115, the rate of inflation is:
a. 8.4%
b. 9.5%
c. 10%
d. 8.7%
b. 9.5%
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A limited military draft is likely to be inefficient because
a. it transfers wealth from those who are drafted to those who benefit from the army's services. b. the wage rate paid to army personnel is set by the government, not by the market. c. more people will be drafted than would have joined a volunteer army. d. there is no guarantee that young adults with the lowest opportunity costs will be drafted.
Which of the following is true of a tariff?
a. It is a tax levied by the government on domestic production of goods and services. b. It is a quantitative restriction on imports imposed by the government. c. It is a monetary benefit received by exporters from the government. d. It is a monetary benefit received by importers from the government. e. It is a tax on import and export levied by the government.
Which of the following is not included in Nation A's financial account?
a. Foreign deposits of funds in savings accounts in Nation A. b. Purchases and sales of legal and accounting creations. c. Foreign purchases of Nation A's Treasury bills. d. All the above.
Which of the following is characteristic of business cycles?
a) consumption displays greater volatility than GDP b) investment remains relatively stable throughout the business cycle c) the inflation rate is a leading indicator of recessions and expansions in GDP d) the unemployment rate is a leading indicator of recessions and expansions in GDP e) the growth rate of wages fluctuates less than the growth rate of GDP