Answer the following questions true (T) or false (F)
1. Physical capital refers to stocks and bonds.
2. Counting part-time workers who are looking for full-time work as employed overstates the degree of joblessness in the economy.
3. In the United States, the typical person who has lost his or her job finds another one in a few months except during severe recessions.
1. FALSE
2. FALSE
3. TRUE
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In 2004, an example of cashless society is
A) U.S.S. Harry S. Truman. B) United States. C) Japan. D) U.S. Universities.
The GDP of Country A is equal to $124.5 billion, and the consumption expenditure in the economy is $85.9 billion. The government of Country A charges a flat tax rate of 20 percent. The government also spends $4.5 billion per year in the form of transfer payments. The household saving in the country is:
a. $38.6 billion. b. $22.5 billion. c. $13.7 billion. d. $12.9 billion.
The yardstick most often used to compare living standards is:
a. aggregate demand b. Gross National Product c. output per capital d. international investment
Robert Lucas reflects the view of many economists when he argues that the most effective way to reduce world poverty is to:
A. take money from those who are very wealthy and give to those who are very poor. B. provide loans to developing countries. C. increase long-run growth. D. eliminate recessions.