The PPP index:
A. describes the overall inequality present in one country compared to another.
B. describes the overall differences in poverty levels between countries.
C. describes the overall difference in prices between countries.
D. None of these is true.
C. describes the overall difference in prices between countries.
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The entire sequence of a decline in aggregate economic activity followed by recovery, measured from peak to peak or trough to trough is a
A) long-run trend. B) potential output path. C) business cycle. D) recurrent comovement.
When the price of bread increases by 3 percent, the quantity demanded of crackers increases by 2 percent. The cross elasticity of demand between crackers and bread is:
a. 0.67. b. 1.5. c. 2.5. d. 3.2. e. 5.0.
Some economists believe that monopolies are both inevitable and beneficial to society. They believe that monopolies are more efficient than competitive markets and generate lower prices. For these reasons they oppose _________ and advocate __________
a. antitrust laws; laissez-faire b. laissez-faire; antitrust laws c. nationalization; regulation d. regulation; nationalization e. antitrust laws; nationalization
The national debt is a stock of IOUs created by the summation of annual deficit and surplus flows.
Answer the following statement true (T) or false (F)