If Macland’s growth rate is consistently 8 percent, how many years will it take to double its standard of living?
a. 2 years
b. 8 years
c. 9 years
d. 12 years
c. 9 years
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The net international investment position of the United States measures
A) U.S. holdings of foreign assets minus foreign holdings of U.S. assets. B) foreign holdings of U.S. assets. C) U.S. holdings of foreign assets. D) U.S. holdings of foreign assets plus foreign holdings of U.S. assets.
Which of the following is true of scarcity?
a. It applies to raw materials; manufactured goods are not scarce. b. It affects all countries except the United States and Canada. c. It affects only poor nations. d. It is a basic problem of economics that affects all nations.
Which of the following is most likely an inferior good?
A. Nike running shoes. B. Generic canned food. C. Rolex watches. D. A custom-built mansion.
If Canadian speculators expect the euro to appreciate against the U.S. dollar, they would
A. use Canadian dollars to buy euros, instantly use the euros to buy U.S. dollars, and then, instantly use the U.S. dollars to buy Canadian dollars. B. purchase euros. C. purchase U.S. dollars. D. purchase Canadian dollars.