Voluntary exchange
A) is the only way to eliminate scarcity.
B) is a nonprice rationing device.
C) is trading so that the consumer and producers are better off.
D) involves no transactions costs.
Answer: C
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The wage premium in the United States for college graduates over high school graduates has remained constant from 1978 to 2000.
Answer the following statement true (T) or false (F)
Which of the following is not included in national income?
a. Corporate profits b. Interest earnings c. Capital consumption allowance d. Rental income e. Stockbroker commissions
The balance of payments constraint refers to the limits on:
A. exchange rate policy imposed by flexible exchange rates. B. currency convertibility observed in most developing countries. C. domestic macroeconomic policy, arising from a shortage of international reserves. D. macroeconomic policy resulting from IMF conditionality.
The longest recession since the 1940's began in:
A. 1981. B. 1973. C. 2007. D. 1952.