In the four-quadrant diagram of the specific factors model, the graph in the upper right quadrant is a country's
A) production possibility frontier.
B) labor allocation constraint.
C) production function for food.
D) production function for cloth.
E) labor supply curve.
A
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Which one of the following would count as investment in the national income accounts?
What will be an ideal response?
The sum of current account surplus and capital account surplus is zero.
Answer the following statement true (T) or false (F)
The Fed's forward guidance in 2011 and early 2012 was framed in terms of keeping interest rates low
A. for an extended period. B. at least until a particular date in the future. C. based on outcomes for the unemployment rate and inflation rate. D. until the next Presidential election.
Total world output can increase without the addition of resources if
A. countries specialize in the product in which they have an absolute advantage and trade for products in which they have an absolute disadvantage. B. countries specialize in the product in which they have a comparative advantage and trade for products in which they have a comparative disadvantage. C. countries impose tariffs on the goods in which they have a comparative advantage. D. countries replace tariffs with quotas.