______ has taken on some negative political connotations because more international trade and more immigration inevitably creates some losers as well as many winners.
A. Globalization
B. Protectionism
C. Competition
D. None of the above is correct.
Answer: A
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The word "final" in the definition of GDP refers to
A) not counting intermediate goods or services. B) the time period when production took place. C) valuing production at market prices. D) counting the intermediate goods and services used to produce GDP.
World War II led to a dramatic increase in economic growth in the United States because
a. the war caused the U.S. to move along its production possibilities frontier away from consumer goods and towards military goods b. the economy was already at close to full employment c. there were unemployed resources in the U.S. economy prior to the war d. the economy shifted production towards more profitable consumer goods during the war e. the opportunity cost of producing military goods increased considerably during the war years
The new classical model implies that a
a. budget surplus will effectively retard inflation emanating from excess demand. b. budget deficit will increase the real interest rate. c. substitution of debt for tax financing will leave aggregate demand and real output unchanged. d. planned budget deficit will be a highly effective tool to combat a recession.
As economic development in LDCs progresses,
A. children become an increasingly valuable economic asset. B. the birth rate eventually declines. C. consumption rises faster than production. D. fewer children survive to adulthood.