Suppose an astronomer discovers gold on the moon. Would this gold add to the world reserves?
A) Yes, we know it exists and we could recover it.
B) No, we know it exists but we can't extract the gold.
C) No, there are no established property rights over the moon so they cannot add to world reserves.
D) Yes, but only if the astronomer is the resident of a developed country with well-established property rights.
A
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Suppose that net exports are greater than zero. If the capital account is in balance, ________.
A. there is a reserve account surplus B. there is a current account surplus C. the sum of the reserve account and the financial account must be zero D. there is a financial account surplus
Which of the following is not a characteristic of a perfectly competitive market?
A. a large number of firms in a market B. selling a standardized product C. substantial barriers to entry D. an individual firm having no control over price
The variation in unemployment caused by the economy moving from expansion to recession or from recession to expansion (i.e., the business cycle) is known as cyclical unemployment.
Select whether the statement is true or false. A. True B. False
Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. The base year is 2012. In 2013, which is larger, nominal GDP or real GDP?
A) Both are the same size. B) Nominal GDP is larger. C) Real GDP is larger. D) The answer is ambiguous. E) More information is needed to determine which is larger.