According to the text, a typical resident born in an emerging country in 2000 would
A. experience almost the same per capital real GDP by 2020.
B. experience a lower level of per capital real GDP by 2020.
C. experience two times larger in per capital real GDP by 2020.
D. experience about 65% larger in per capital real GDP by 2020.
Answer: D
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
If a higher price for wheat decreases the quantity of corn being produced, which of the following describes what has occurred?
A) The supply of wheat increased and the supply of corn decreased. B) The quantity of wheat supplied increased and quantity of corn supplied decreased. C) The supply of wheat increased and the quantity of corn supplied decreased D) The quantity of wheat supplied increased and the supply of corn decreased. E) The supply of wheat decreased and the supply of corn decreased.
Ideally, a free trade policy should be accompanied by
A. a public education program to make the benefits known. B. open borders and amnesty for all undocumented workers. C. programs to ensure no one loses a job as a result of foreign competition. D. programs to assist workers who lose their jobs to foreign competition.
If households pay $1,000 in interest payments and receive $1,200 in interest, wages equal $8,000, rental receipts on land are $200, total business profits before taxes are $2,200, depreciation is $1,750, and indirect business taxes are $1,000, then gross domestic income is
A. $13,150. B. $15,350. C. $13,350. D. $11,400.