"Output fell 2 percent last quarter" is an example of a positive economic statement
a. True
b. False
A
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In year 1, the Consumer Price Index was 120 and the average nominal income was $30,000. In year 2, the Consumer Price Index was 125 and the average nominal level of income was $32,000. What happened to real income from year 1 to year 2?
A. It fell by $400. B. It rose by $600. C. It rose by $400. D. It rose by $2,000.
Which of the following is not correct for a small open economy?
A) She cannot improve her BOT. B) She cannot affect the international price of goods. C) She cannot affect the foreign interest rate. D) All of the above.
After legislation is signed into law, the time it takes before actual fiscal stimulus is noticed is termed as: a. signal lag
b. implementation lag. c. impact lag. d. recognition lag.
Sadie is getting ready to go to work where she earns $70 a day as a day laborer. Her friend Caroline calls her and asks her to go swimming with sharks for the day. Sadie decides to go with her. Sadie's choice implies that her opportunity cost of working is:
A. equal to $70. B. less than $70. C. greater than $70. D. Cannot say without more information.