The capital account keeps track of the amount of
a. foreign-owned machinery in a country
b. domestically owned machinery in foreign countries
c. exports and imports of goods only
d. exports and imports of goods and services
e. assets in one country owned by citizens of another
E
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Who from among the following would be counted as unemployed?
A. A person with a part-time job who wants and is looking for a full-time job. B. A person who is willing to work but has not looked for a job in two months. C. A person who is willing to work and has looked for a job in the last week. D. All of these people would be counted as unemployed.
If Bobby decides that his marginal utility per dollar spent on vanilla ice cream exceeds his marginal utility per dollar spent on chocolate ice cream, he should then
A) buy more chocolate ice cream and less vanilla ice cream. B) buy more vanilla ice cream and less chocolate ice cream. C) buy all the vanilla ice cream he can. D) never buy chocolate ice cream.
Suppose a worker signs a contract containing a 7 percent nominal wage increase with inflation expected to be 5 percent. Inflation turns out to be 10 percent, but the contract also contains 50 percent COLA protection
The worker's real wage under the contract A) falls by 3.0 percent. B) rises by 0.5 percent. C) rises by 2.0 percent. D) rises by 1.0 percent. E) falls by 0.5 percent.
The behavior of the Solow residual suggests that when current total factor productivity increases
A) it becomes more difficult to predict future total factor productivity. B) future total factor productivity is also likely to increase. C) such increases are temporary, so we can draw no conclusions about the likely behavior of future total factor productivity. D) future total factor productivity is likely to decrease.