Which of the following factors of production is likely to be most productive?
a. A certified doctor working in a well-equipped hospital
b. A medical student working as a volunteer in a rural health clinic
c. A trained nurse without access to the latest medical technology
d. A knowledgeable chemist without a degree in medical sciences
e. A specialist doctor working in a hospital with poor infrastructure
a
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In the classical model, desired saving
A) is inversely related to real income. B) exceeds investment. C) is equal to desired investment. D) is less than desired investment.
Real GDP is the value of final goods and services produced in a year
A) expressed in the prices of that same year. B) during a recession. C) minus depreciation. D) expressed in the prices of a base year. E) minus the value of all the intermediate goods produced.
Which of the following leads a good to have a high elasticity of supply? I. The good must be produced using unique resources. II. The good is produced using commonly available resources
A) I only B) II only C) I and II D) neither I nor II
Assume that business investment spending rises, and the increase is funded by greater borrowing in the capital markets. If the nation has low mobility international capital markets and a fixed exchange rate system, what happens to the GDP Price Index and the nominal value of the domestic currency in the context of the Three-Sector-Model? a. The GDP Price Index rises and nominal value of the
domestic currency falls. b. The GDP Price Index falls and nominal value of the domestic currency rises. c. The GDP Price Index rises and nominal value of the domestic currency remains the same. d. The GDP Price Index rises and nominal value of the domestic currency rises. e. There is not enough information to determine what happens to these two macroeconomic variables.