Last year, the real per capita GDP of Country A was $32,000 and that of Country B was $25,000. Based on this information, what can we conclude about the standard of living for a typical inhabitant in each of these countries?
a. The standards of living for the typical inhabitants of these two countries cannot be determined without more data.
b. The standards of living for the typical inhabitants of these two countries are roughly equivalent.
c. A typical inhabitant of Country B has a higher standard of living than a typical inhabitant of Country A.
d. A typical inhabitant of Country A has a higher standard of living than a typical inhabitant of Country B.
a. The standards of living for the typical inhabitants of these two countries cannot be determined without more data.
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Other things being equal, a national health insurance program would
A) generate higher life expectancies and lower infant mortality rates. B) generate lower life expectancies and higher infant mortality rates. C) increase total health care expenditures. D) increase the quality of life.
Fiscal policy: a. uses the federal government's powers of spending and taxation to affect employment, the price level, and GDP. b. uses the federal government's control over the money supply and interest rates to affect employment, the price level, and GDP. c. can affect employment and prices, but not the level of GDP
d. can affect employment and the level of GDP, but not the price level. e. is most effective when employed by state governments rather than by the federal government.
Which of the following is likely to affect the position and shape of society's production possibilities frontier?
a. volume of physical resources b. level of labor skills c. level of technology d. amount of factories on hand e. All of the above are correct.
The crowding-out effect is small when firms are ______.
a. pessimistic about the future b. optimistic about the future c. considering sizable future investment d. operating at full-capacity