Changes in business inventories are:
A. classified as investment expenditures.
B. classified as government purchases.
C. classified as consumption expenditures.
D. excluded from GDP.
Answer: A
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The unemployment rate tells us
A) the fraction of people who want to be working but are not. B) the fraction of people who are not working and do not want to be working. C) the fraction of people who are not working and have quit looking for jobs. D) all of the above
If worker productivity is the same in each country, outsourcing and labor migration will both result in an equalization of wages across the two countries.
Answer the following statement true (T) or false (F)
Refer to Table 9-14. The real average hourly earnings for 1965 in 2010 dollars equal
A) $3.87. B) $5.80. C) $12.10. D) $18.14.
Refer to Figure 7-4. The efficient price of medical services is
A) $25. B) $40. C) $55. D) >$55.