Which of the following is most important if the living standards of people residing in a country are going to improve?
A. growth of population
B. growth of per capita GDP
C. growth of the money supply
D. growth of government expenditures as a share of GDP
Answer: B
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In the specificfactors model, migration of labor will cause:
a. the wage to rise in the receiving country and the wage to fall in the sending country. b. the wage to fall in the receiving country and the wage to rise in the sending country. c. the wage to rise in both the receiving and sending countries. d. the wage to fall in both the receiving and sending countries.
When demand is unit elastic, a 7 percent change in the price of the good
A) will cause a change in quantity demanded of less than 7 percent. B) will cause a change in quantity demanded equal to 7 percent. C) will cause a change in quantity demanded greater than 7 percent. D) will not cause any change in quantity demanded.
Which of the following tools cannot be used by the government to maintain a fixed exchange rate?
A. rationing of foreign exchange B. currency market intervention C. controlling the flow of trade through various barriers D. keeping its level of international reserves strictly fixed
Which of the following categories account for the smallest fraction of unemployed workers?
a. Job leavers b. Job losers c. Reentrants d. New entrants