An agreement to reduce the volume of trade in a specific good is
A. An embargo.
B. A voluntary restraint agreement.
C. A quota.
D. The terms of trade.
Answer: B
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Which of the following measures is most often used to compare the standards of living in different countries?
A. life expectancy at birth B. per capita energy consumption C. per capita income D. daily per capita calorie supply
Which of the following is not one variable in the equation of exchange? a. Real output
b. The interest rate. c. The money supply. d. The price level.
The product-variety externality arises in monopolistically competitive markets because
a. firms produce with excess capacity. b. firms try to differentiate their products. c. firms would like to produce homogeneous products, but the large number of firms prohibits it. d. entry and exit is restricted.
The rate of unemployment is the:
(a) Percentage of the population that is out of work. (b) Percentage of the population of that is employed. (c) Percentage of the labour force that is out of work. (d) All of the above.