The higher opportunity cost of obtaining an education in developing countries is one of the reasons that school enrollments are lower
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Table 19-9. Suppose that the above table represents the goods and services produced in a very simple economy in 2016. Assume that steel is used as an input in the production of autos. Using that information, calculate GDP for the year 2016
What will be an ideal response?
A nonexcludable public good is
A. nonrivalrous in consumption. B. rivalrous in consumption. C. asymmetric. D. a good for which it is impossible (or prohibitively costly) to exclude someone from receiving the benefits of its services. E. a and d
Empirical evidence shows that in the short run, purchasing power parity ________, and in the long run, purchasing power parity ________
A) holds; does not hold B) holds; holds C) does not hold; holds D) does not hold; does not hold
When output is held constant, inflation does which of the following?
(a) Increases real GDP (b) Increases real income (c) Increases government spending (d) Reduces the purchasing power of individuals living on fixed incomes.