One of the causes of structural unemployment is _______ shocks.
A. small, slow, and relatively permanent
B. large, quick-hitting, temporary
C. large, quick-hitting, and relatively permanent
D. large, slow, and relatively permanent
Answer: C. large, quick-hitting, and relatively permanent
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If the dollar appreciates relative to the Yen, it can be said that
a. Japanese citizens respect the United States more. b. the dollar increases in value within the United States. c. the Yen depreciates relative to the dollar. d. it takes more dollars to buy Yen.
Hyperinflation might lead to a severe decline in total output if
What will be an ideal response?
Suppose that opportunity costs in India and Australia are constant. In India, maximum feasible hourly production rates are either 0.3 unit of cloth or 0.2 unit of food. In Australia, maximum feasible hourly production rates are either 0.5 unit of cloth
or 0.5 unit of food. It is correct to state that A) India has a comparative advantage in producing cloth. B) India has a comparative advantage in producing both cloth and wheat. C) India has no comparative advantage in producing cloth or wheat. D) Australia has a comparative advantage in producing cloth.
When a country's exports of goods are greater than its imports of goods in a given period, it has a
A. capital account surplus. B. trade surplus. C. current account deficit. D. trade deficit.