The calculation of potential output in the United States has been complicated recently by problems in
a. calculating unemployment.
b. distinguishing real from nominal income.
c. calculating a high-employment, or long-run average, level unemployment rate.
d. measuring depreciation and, therefore, net national product.
C
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Refer to Table 7-6. Prior to trade, what was the opportunity cost to produce 1 belt in Morocco?
A) 1/2 of a sword B) 1 sword C) 1.5 swords D) 2 swords
How do a partnership and a corporation differ?
A) Corporations face more taxes than do partnerships. B) Corporations can issue stocks and bonds, while partnerships cannot. C) Partnerships have unlimited liability while corporations have limited liability. D) All of these are differences between the two types of businesses.
As products become more differentiated:
A. consumers are less willing to switch in response to price changes and competition becomes more intense. B. consumers are more willing to switch in response to price changes and competition becomes more intense. C. consumers are less willing to switch in response to price changes and competition becomes less intense. D. consumers are more willing to switch in response to price changes and competition becomes less intense.
RECLAIM refers to
a. one of the first state-level trading programs, which was developed in California b. a federal program for stationary sources to earn credits for reducing pollution c. a national program to refurbish older, polluting refineries d. the claiming of SO2 allowances that have been banked in a prior period