If this is a closed economy, how many bushels of corn will be produced?
A. 900 million bushels
B. 150 million bushels
C. 300 million bushels
D. 600 million bushels
Answer: D
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What is the effect on real GDP per person if labor productivity increases? What is the effect on the nation's standard of living?
What will be an ideal response?
To achieve faster growth, one possibility is to tax
A) consumption. B) saving. C) hiring. D) immigration.
Frictional unemployment is:
A. a mismatch between the skills workers can offer and the skills that are in demand. B. unemployment caused by workers who are changing their location, job, or career. C. the effect of wages remaining persistently above the market-clearing level. D. the most alarming cause of unemployment.
A crawling peg refers to:
a. a large and sudden currency depreciation. b. a fixed exchange rate regime in which the currency is adjusted very frequently to reflect market conditions. c. a managed or dirty float, depending on the business cycle. d. a drag on exchange rate adjustment caused by imperfect markets