The term "labor" for an economist includes
A. only the value of the work done by scientists.
B. all employees who have high school diplomas.
C. all skilled workers, but not the unskilled workers.
D. all productive contributions of humankind.
Answer: D
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Saving is a leakage from the circular flow. Why didn't the classical economists think saving might cause consumption expenditures to fall short of total output?
What will be an ideal response?
Use the standard IS-LM-FE framework and assume the country begins at a triple intersection. Show using the graph and explain in words the effect that an increase in the country's money supply will have on domestic interest rates, output levels, and the official settlements balance (before we consider the implications of pressure on the country's exchange rate).
What will be an ideal response?
Jennifer buys a piece of costume jewelry for $33 for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $30. Jennifer experiences
A. a producer surplus of $9 and Nathan experiences a consumer surplus of $3. B. a producer surplus of $9 and Nathan experiences a producer surplus of $12. C. a consumer surplus of $9 and Nathan experiences a producer surplus of $3. D. a consumer surplus of $12 and Nathan experiences a producer surplus of $3.
The table above gives data for the nation of Syldavia. The current account has a
A) balance of $320 billion. B) $40 billion surplus. C) $40 billion deficit. D) $50 billion deficit. E) $30 billion deficit.