Which of the following is a real quantity?
A. The current price of a barrel of oil
B. The current wages paid to factory workers
C. The number of tons of steel produced in 2005
D. The cost of a new car
Answer: C
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Two nations can produce computers and software in the amounts given in the table above
Does either nation have an absolute advantage in producing the products? Which nation has a comparative advantage in computers? Which nation has a comparative advantage in software? Explain your answers.
Cost-push inflation is to ________ as demand-pull inflation is to ________
A) impatience; inaccuracy B) entering; exiting C) activism; nonactivism D) fiscal; monetary E) none of the above
Which of the following is a problem associated with gross domestic product (GDP) as a measure of social welfare? a. It includes many nonmarket activities
b. It takes into account the value of only those goods which are widely used. c. It takes into account the cost of environmental damage caused by pollution. d. It includes intermediate goods as a separate entry. e. It excludes the value of leisure time.
Critics of economic growth:
A. contend that growth and industrialization reduce pollution. B. point out that growth results in greater economic security for workers. C. argue that economic growth does not resolve socioeconomic problems such as an unequal distribution of income and wealth. D. say that its benefits accrue nearly exclusively to white males.