Which of the following accounts are included in the calculation of Balance of Payments?
(a) Financial Account, Savings Account, Capital Account.
(b) Savings Account, Current Account, Financial Account.
(c) Financial Account, Current Account, Capital Account.
(d) Capital Account, Current Account, Savings Account.
Answer: (c) Financial Account, Current Account, Capital Account.
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The table above gives a nation's production function. Which of the following is NOT an attainable combination of real GDP and labor?
A) real GDP of $4.0 trillion and labor of 90 billion hours per year B) real GDP of $4.7 trillion and labor of 110 billion hours per year C) real GDP of $4.0 trillion and labor of 70 billion hours per year D) real GDP of $5.2 trillion and labor of 90 billion hours per year E) real GDP of $5.5 trillion and labor of 150 billion hours per year
In the above figure, for a single-price monopoly the consumer surplus is equal to the area
A) abP1. B) acP2. C) bce. D) bed. E) cQ20P2.
In the short-run, real GDP can be greater than or less than potential GDP because in the short run the money wage rate is fixed
Indicate whether the statement is true or false
Which of the following is correct about the economic decisions consumers, firms, and the government have to make?
A) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions. B) Governments may face the problem of shortages but not scarcity in making economic decisions. C) Firms and the government face scarcity, individuals only face shortages. D) Only individuals face scarcity; firms and the government do not.