Which of the following is a true measure of national output?
A. GNP at market price
B. Nominal GNP
C. GDP in future dollars
D. GDP using base-year prices
Answer: D
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When the price of Nike soccer balls decreased, Ronaldo purchased more Nike soccer balls and fewer Adidas soccer balls. Which of the following best explains Ronaldo's decision to buy more Nike soccer balls?
A. An increase in the demand for Nike soccer balls B. The price effect C. The income effect D. The substitution effect
President Salinas of Mexico devised a strategy to restore Mexican growth by encouraging
A) large inflows of foreign capital. B) large increases in domestic savings. C) large interest rate cuts. D) an expansion of import substitution industrialization policies. E) more government ownership of industrial firms.
Technological advancements in the antebellum period were
(a) constant and stable. (b) almost non-existent. (c) concentrated in manufacturing. (d) slow in coming but labor-saving—especially in agriculture—when they emerged.
The Coinage Act of 1792 set the relative values of silver and gold coins at 15 to 1 . Suppose the relative market values of silver and gold had equaled 16 to 1 . In this case,
a. only gold would circulate as money. b. gold would be hoarded and sold abroad. c. gold would be overvalued at the mint. d. individuals would profit by selling gold to the mint.