In Macroland, 500,000 of the 1 million people in the country are employed. Average labor productivity in Macroland is $20,000 per worker. Real GDP per person in Macroland totals:
A. $40,000.
B. $15,000.
C. $10,000.
D. $1,000.
Answer: C
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When it's not clear how to translate available information into something personally meaningful, it's:
A. more likely you'll make a mistake in your choice. B. less likely you'll make a mistake, given the amount of information. C. more likely you'll invest more time in making your choice. D. less likely the choice will have a big impact on you.
Among the factors contributing to externally induced cycles are all of the following except
a. changes in international exchange rates b. clustering of innovations c. the interaction of the multiplier and accelerator d. changes in consumer confidence e. population booms
Every unit of good x that is produced in the United States is exported to other countries. An increase in the price of good x shows up
a. in the consumer price index and in the GDP deflator. b. in the consumer price index, but not in the GDP deflator. c. in the GDP deflator, but not in the consumer price index. d. in neither the consumer price index nor in the GDP deflator.
Which of the following is not an argument for trade restrictions?
A) the national defense argument B) the infant industry argument C) the comparative advantage argument D) the antidumping argument