Average consumption in an economy is best measured by ________, while average productivity in an economy is best measured by ________.
A. output per person; output per worker
B. total output; output per worker
C. output per worker; total output
D. output per worker; output per person
Answer: A
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The monetary base minus reserves equals
A) currency in circulation. B) the borrowed base. C) the nonborrowed base. D) discount loans.
The economy is in macroequilibrium at the national income level where the aggregate expenditure curve intersects the 45-degree line
Indicate whether the statement is true or false
Suppose China can produce either 300 telephones or 200 DVD players, and Japan can produce either 200 telephones or 100 DVD players. Implicitly, Japan has
A. Both an absolute and a comparative advantage in telephones. B. Neither a comparative nor an absolute advantage in telephones. C. A comparative but not necessarily an absolute advantage in telephones. D. An absolute but not necessarily a comparative advantage in telephones.
Political corruption occurs whenever:
A. logrolling is used to secure votes for controversial legislation. B. government officials use unlawful misdirection of governmental resources for their own personal gain. C. special interest groups contribute to elected officials, who in turn support legislation that benefits the special interest group. D. there is pork barrel politics involved.