Opportunity costs differ among nations primarily because
a. nations employ different currencies.
b. nations have different amounts of land, labor skills, capital, and technology.
c. nations have different religious, political, and economic institutions.
d. the work-leisure preferences of people vary considerably from one nation to another.
B
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An increase in the real risk free interest rate causes its:
a. Aggregate demand to fall, the average price level to fall, and real GDP to rise. b. Aggregate supply to rise, the average price level to rise, and real GDP to rise. c. Aggregate demand to rise, the average price level to rise, and real GDP to rise. d. Aggregate supply to fall, the average price level to rise, and real GDP to fall. e. Aggregate demand to fall, the average price level to fall, and real GDP to fall.
If the velocity of money is constant, then nominal GDP can change only if there is a change in the money supply.
a. true b. false
To obtain national income, start with GNP and subtract:
A. depreciation. B. depreciation and the statistical discrepancy. C. depreciation, indirect business taxes, and corporate profits. D. depreciation, indirect business taxes, corporate profits, and social insurance contributions.
The burden of a regressive tax ________ as a percentage of income as income ________.
A. does not change; rises B. rises; falls C. rises; rises D. does not change; falls