Refer to Table 20-19. Looking at the table above, what is the approximate rate of growth of real average hourly earnings from 2014 to 2015?
A) 15% B) 4.4% C) -1.5% D) -4.8%
D
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Assuming that MPC is .75, equal increases in government spending and tax collections by $10 billion will
A. increase the equilibrium real GDP by $10 billion. B. reduce the equilibrium real GDP by $10 billion. C. increase the equilibrium real GDP by $2.5 billion. D. leave the equilibrium real GDP unchanged.
Refer to Table 9-12. Which country has an absolute advantage in producing swords?
A) Estonia B) Morocco C) both countries D) neither country
Comparative advantage is based on the
A) concept that some countries are superior to others. B) concept of absolute advantage of producing goods in different countries. C) concept of relative opportunity cost of producing goods in different countries. D) concept that some countries are better endowed with natural resources.
Which of the following explains the vicious circle of poverty? a. By investing in education and infrastructure at the same time, the country can overcome the problems of poverty
b. Poverty arises out of the lack of investment, but they cannot invest because they are poor. c. A nation can shift its production possibility curve inward by shifting more resources into the production of capital goods. d. A nation can shift its production possibility curve outward by shifting more resources into the production of consumer goods. e. There are dual economies in the world: Some are rich and others are poor.