A real quantity is a quantity measured:
A. using real prices.
B. in terms of current dollar value.
C. in physical terms.
D. by the average quantity.
Answer: C
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The above table shows some of the balance of payments accounts for Urland. What is Urland's balance in the official settlements account?
A) $405 billion B) $62 billion C) $99 billion D) $37 billion
The time-inconsistency problem involves the ________
A) difficulties of traveling across time zones B) tendency to deviate from good long-run plans in the short-run C) use of adaptive expectations in building an economic model D) time lag between the implementation of policy and its ultimate and complete results
Refer to Figure 8.2. Which graph illustrates an output expansion path with a constant capital-labor ratio?
A. A
B. B
C. C
D. D
The Endangered Species Act is an attempt to
A) protect endangered species against greedy loggers, farmers, and business people. B) protect endangered species from the overzealousness of many environmentalists. C) protect species endangered because there are no private property rights on them. D) prevent some people from earning a good living.