When using real GDP per capita to measure the standard of living, it is difficult to capture the value of
a. education
b. leisure time
c. clean environment
d. how income is distributed
e. all of the above
E
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If the surplus in the capital account are greater than the deficit in the current account, then
a. the current account must be positive in the long-run. b. the current account must be negative in the long-run. c. exports must be less than imports. d. official reserve transactions must be negative.
If a consumer weakly prefers pizza to hot dogs, and weakly prefers hot dogs to chicken, then he ________ pizza ________ chicken
A) likes; less than B) likes; at least as much as C) dislikes; more than D) dislikes; and is indifferent about
Assume that the government of a nation rations the crude oil available to car owners each month which reduces the overall demand for petroleum. However, the nation continues to import oil from the world market. Which of the following will be observed in the oil market?
a. The world price of petroleum would decline. b. The domestic price of petroleum would decline. c. The domestic price of petroleum would increase. d. The world price of petroleum will remain unaffected.
When long-run average costs increase as output increases, there are
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) constant marginal costs.