Rebecca, a citizen of U.S., imported a watch from Switzerland. This transaction leads to a(n) ________
A) increase in the GNP of U.S. B) increase in the GDP of Switzerland
C) decrease in the GDP of Switzerland D) increase in the GDP of U.S.
B
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The study of the decisions of individual units in the economy is known as
A) macroeconomics. B) microeconomics. C) the study of incentives. D) ceteris paribus study.
Which of the following is NOT a determinant of household saving?
A) the nominal interest rate B) disposable income C) the household's wealth D) expected future income
Refer to Figure 2-10. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 46 thousand forks B) 60 thousand spoons C) 16 thousand spoons D) 12 thousand forks
The adult population in Norland is 50 million. Among these adults, 20 million are employed and 10 million are unemployed. Determine the following. I. Labor force of Norland II. Unemployment rate in Norland III. Labor-force participation rate in Norland