Which measure uses a common set of international prices for all goods and services produced?
a. purchasing power parity income levels
b. GNI price deflators
c. foreign exchange rate conversions to U.S. dollars
d. the exchange rate
A
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Producers supply larger quantities of any good at higher prices because:
a. prices signal product quality.
b. higher prices attract resources from other uses.
c. people are naturally lazy and refuse to give up their leisure.
d. price and quantity supplied are inversely related.
e. of the law of decreasing opportunity cost.
When a price ceiling that has an impact is imposed, it has the effect of
A. decreasing quantity supplied and increasing quantity demanded. B. decreasing both quantity supplied and quantity demanded. C. increasing quantity supplied and decreasing quantity demanded. D. increasing both quantity supplied and quantity demanded.
In 2014, China had accumulated $3.8 trillion worth of reserve assets. These $3.8 trillion entered into China's balance of payments in the:
a. The total amount did not enter into China's balance of payments. Only changes enter the balance of payments. b. Reserve Account. c. Trade balance. d. Balance on goods and services. e. Financial Account.
The classical economists believed in all the following, EXCEPT
A. the crude version of the quantity theory of money. B. laissez faire. C. the sophisticated version of the quantity theory of money. D. Say's Law.