The World Values Survey, a group of international social scientists, who ranks the well-being of society based on social indicators ranks Puerto Rico higher than the United States. This approach to measuring well-being is similar to the approach that the text calls:
A. nominal gross domestic product.
B. disposable personal income.
C. genuine progress indicator.
D. real gross domestic product.
Answer: C
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Any change that increases the quantity of labor supplied at all wage rates will ________, assuming all else equal
A) shift the labor supply curve to the left B) cause an upward movement along the labor supply curve C) shift the labor supply curve to the right D) cause a downward movement along the labor supply curve
If a government-imposed price ceiling causes the observed price in a market to be below the equilibrium price,
A) there will be excess demand. B) there will be excess supply. C) the curves will shift to make a new equilibrium at the regulated price. D) None of the above.
_____ can temporarily create dislocations as displaced workers try to find jobs elsewhere and, at the same time, make existing products more affordable
a. Technological change b. Changes in the rate of interest c. Population changes d. Changes in the price level e. An increase in public expenditure
Assume that the central bank sells government securities in the open market. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the net nonreserve international borrowing/lendingand monetary base in the context of the Three-Sector-Model? State your answer after the macroeconomic system returns to complete equilibrium
a. The net nonreserve international borrowing/lending balancebecomes more positive (or less negative) and monetary base rises. b. The net nonreserve international borrowing/lending balancebecomes more negative (or less positive) and monetary base falls. c. The net nonreserve international borrowing/lending balancebecomes more positive (or less negative) and monetary base stays the same. d. The net nonreserve international borrowing/lending balanceand monetary base remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.