Commodities that typically last three years or more are called:
A) durable goods.
B) nondurable goods.
C) services.
D) none of the above.
A
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According to ________, when real GDP is ________ percentage points greater than potential GDP, the unemployment rate is one percentage point ________ the natural unemployment rate
A) Okun's Law; four; below B) Keynes' Law; two; below C) Phillip's Law; four; above D) Say's Law; two; above E) Okun's Law; two; below
Why is the multiplier for contractionary fiscal policy smaller in an open economy?
A) Contractionary fiscal policy reduces the deficit, which raises the interest rate, which raises the foreign exchange value of the dollar, which increases net exports. B) Contractionary fiscal policy increases the deficit, which raises the interest rate, which reduces the foreign exchange value of the dollar, which increases net exports. C) Contractionary fiscal policy reduces the deficit, which reduces the interest rate, which reduces the foreign exchange value of the dollar, which decreases net exports. D) Contractionary fiscal policy reduces the deficit, which reduces the interest rate, which reduces the foreign exchange value of the dollar, which increases net exports.
Which of the following statements describes the way our home equilibrium reflects the concepts of competitive markets?
I. The opportunity cost of each good is the inverse of the ratio of labor productivity. II. Prices of each good reflect opportunity cost. III. Wages are equal and reflect the value of the marginal product of labor (MPL × P) for each good. a. I b. II c. III d. I, II, and III
When a currency is overvalued, international reserves ________ and the country has a balance-of-payments ________.
A. decrease; surplus B. decrease; deficit C. increase; deficit D. increase; surplus