When a country allows trade and becomes an importer of a good,
a. everyone in the country benefits.
b. the gains of the winners exceed the losses of the losers.
c. the losses of the losers exceed the gains of the winners.
d. everyone in the country loses.
b
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Implicit costs are usually easier to measure than explicit costs
Indicate whether the statement is true or false
The long-run policy prescription that comes from the "natural-rate-of-unemployment" discussion is:
a. Governments and central banks should adjust monetary and fiscal policies to keep unemployment and inflation as low and predictable as possible. b. Governments and central banks should use monetary and fiscal policies to keep inflation as low and predictable as possible. c. Real wages should not be allowed to change in the short run. d. Fiscal and monetary policies are excellent ways to adjust the natural rate of unemployment. e. Governments and central banks should use monetary and fiscal policies to keep unemployment as low and predictable as possible.
In computing the consumer price index, a base year is chosen. Which of the following statements about the base year is correct?
a. The base year is always the first year among the years for which computations are being made. b. It is necessary to designate a base year only in the simplest case of two goods; in more realistic cases, it is not necessary to designate a base year. c. The value of the consumer price index is always 100 in the base year. d. The base year is always the year in which the cost of the basket was highest among the years for which computations are being made.
The debate over how governments should respond to deep economic downturns is difficult to resolve with hard empirical evidence because:
A. deep economic downturns are rare events, so there isn't a lot of relevant data. B. there's so much data that it's difficult to draw meaningful conclusions. C. few economists are interested studying economic downturns. D. most economists are only interested in economic theory.