What balances in balance of payment calculations?
A. the capital and current accounts
B. exports and imports
C. exports and short-term income balances
D. exports minus imports (plus a statistical discrepancy) with short-term income movements
Answer: A
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The short-run Phillips curve shows
A) a tradeoff between the unemployment rate and the inflation rate. B) a tradeoff between real GDP and unemployment. C) the expected inflation rate. D) the natural unemployment rate. E) potential GDP.
Positive economics statements are testable
Indicate whether the statement is true or false
Suppose Mexico and the United States are on the gold standard. If there is a half an ounce of gold in the dollar, and one quarter an ounce of gold in the peso, then the exchange rate is
A) $0.50 = 1/2 peso. B) $1 = 1/4 peso. C) $1 = 2 pesos. D) $1 = 4 pesos. E) $1 = 1/2 peso.
The condition, MRSC,C' = 1 + r, describes the representative consumer's
A) investment decision. B) consumption - savings decision. C) current period work - leisure decision. D) future period work - leisure decision.