GDP per capita is a relatively good measurement of:
a. the distribution of income.
b. purchasing power.
c. household production.
d. the standard of living.
d
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Which of the following policies would be most likely to reduce the rate of inflation?
a. sale of government bonds by the Federal Reserve b. a reduction in the discount rate c. an increase in the size of the federal budget deficit d. a reduction in the required reserves imposed on the banking system
If a rich country reduced subsidies to domestic producers of goods that poor countries have a comparative advantage producing, the standard of living in these poor countries would likely rise
a. True b. False Indicate whether the statement is true or false
If there are 100 identical firms in the market, each maximizing profits by producing 50 units of output, then how many units will be produced in the market?
a. 500 b. 100 c. 5,000 d. 50,000
Suppose labor supply can be described as ES = 0.1w ? 1000 where w is yearly salary. How many workers are willing to work when the yearly salary is $20,000?
A. 500 B. 1000 C. 200 D. 2000 E. 100