Because it lowers the amount of output per person, unemployment results in
a. a shift in the economy's production possibilities frontier
b. increased workers' incomes
c. optimism about economic growth
d. a lower standard of living
e. rapid inflation
D
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People take fewer trips by airplane when their incomes fall because of a recession. Trips by airplane must be
A) a normal good. B) an inferior good. C) a substitute for other goods. D) a complement to other goods. E) an inelastic good.
Which of the following is a true measure of national output?
a. GDP at market price b. Nominal GDP c. GDP in current dollars d. GDP in constant dollars
Price leadership is a form of
a. tacit collusion. b. explicit collusion. c. monopolistic competition. d. a cartel policing mechanism.
The U.N.'s Millennium Aid Goal is to raise foreign aid levels to ________ percent of donor country GDP.
A. 0.4 B. 10.0 C. 15.0 D. 0.7