What matters most in determining efficient distribution of production over the world is
A. absolute advantage.
B. efficiency.
C. the stock of resources.
D. comparative advantage.
Answer: D
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Assume that the real GDP of a developing nation increases from $120 billion to $140 billion while its population expands from 100 to 110 million. As a result, real GDP per capita has increased by about ________.
A. $64 per person B. $88 per person C. $72 per person D. $56 per person
Which of the following is a service?
a. anything that is scarce and that satisfies unlimited human wants b. a thing for which people pay money c. an intangible activity that satisfies human wants d. any output produced by a service-sector industry, such as fast food e. something less desirable than a good
A leftward shift in the money demand function would result from:
a. a decrease in the money supply. b. a decrease in the price level. c. an increase in real income. d. a decrease in the interest rate. e. an increase in the interest rate
A massive selling of domestic currency assets by domestic and foreign financial investors is called:
A. a speculative attack. B. protectionism. C. a currency revaluation. D. a currency devaluation.