To examine how total production in an economy has changed over time, it would be better to examine
A) nominal GDP.
B) real GDP.
C) GDP at current prices.
D) All of the above would give equal measures of production changes over time.
B
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If one nation is able to produce a good at a lower opportunity cost than another, it has
A) an absolute advantage in that good. B) a comparative advantage in that good. C) a productivity advantage in that good. D) a technological advantage in that good. E) no reason to want to trade that good.
Which of the following is NOT one of the determinants of the gains of adopting a single currency?
A) A well-synchronized business cycle involving all member countries B) The possibility of factors of production to freely move across borders C) The willingness and ability of member countries to design policies to address regional imbalances that may develop D) Widening the common market by allowing other countries to join E) None of the above.