Labor productivity times hours of work equals
a. per capita GDP.
b. capital stock.
c. population.
d. GDP.
d
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Citicorp charges an 11 percent interest rate on all new car loans. If the inflation rate is 6 percent, Citicorp receives a real interest rate of
A) 11 percent. B) 6 percent. C) 1.83 percent. D) 0.54 percent. E) 5 percent.
Which of the following best describes the impact of the Emissions Trading Scheme in the European Union between 2005 and the late 2000s?
A) Overall greenhouse gas emissions increased. B) Overall greenhouse gas emissions decreased. C) Overall greenhouse gas emissions were totally eliminated. D) Overall greenhouse gas emissions were constant.
Suppose that Family A borrows money when its car breaks down and saves money when the wife receives a holiday bonus from her employer. Suppose that Family B borrows money to buy elaborate birthday presents for the children and spends the husband's holiday bonus on a vacation to Florida. Which of the following is correct?
a. Both Family A's and Family B's spending habits suggest that they base their purchasing decisions on transitory income. b. Family A's spending habits suggest that it bases its purchasing decisions on transitory income rather than permanent income. Family B's spending habits suggest that it bases its purchasing decisions on permanent income rather than transitory income. c. Family A's spending habits suggest that it bases its purchasing decisions on permanent income rather than transitory income. Family B's spending habits suggest that it bases its purchasing decisions on transitory income rather than permanent income. d. Both Family A's and Family B's spending habits suggest that they base their purchasing decisions on permanent income.
Which of the following is an accurate statement about economic models?
a. Economists use only three models. b. Models should include as many detailed facts as possible. c. There is one correct model that should be used for all economic tests. d. Models should vary depending on how they will be used.