An example of income that is received but not earned is
a. net income payments
b. unemployment compensation
c. Social Security contributions
d. corporate retained earnings
e. personal income taxes
B
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When Okun's "misery index" is used to judge macroeconomic conditions, inflation is being considered
A) not to be a macroeconomic problem at all. B) a less serious macroeconomic problem than unemployment. C) just as serious a macroeconomic problem as unemployment. D) a more serious macroeconomic problem than unemployment.
The deposit-creation process can continue as long as
a. banks have required reserves b. banks have excess reserves c. the Fed sells bonds d. banks sell bonds to the public e. the required reserve ratio does not change
Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, total economic surplus equals area(s)
A. A + B + C + D + E + F. B. A + B + C + E + F + J + I. C. D. D. A + B + C + D.
Suppose there are only 2 nations, Atlantis and Pacifica, and only two goods, surfboards and kayaks. If Atlantis produces only surfboards, it can make 50 per day. If Atlantis produces only kayaks, it can make 75 per day. If Pacifica produces only surfboards, it can make 75 per day. If Pacifica produces only kayaks, it can make 75 per day. After trade begins, ________ will specialize in the production of surfboards and ________ will specialize in the production of kayaks.
A. Atlantis; Atlantis B. Pacifica; Pacifica C. Atlantis; Pacifica D. Pacifica; Atlantis