The system of measurement for expressing macroeconomic data is called
a. national income accounting.
b. balance of payment accounting.
c. generally accepted accounting principles.
d. double entry bookkeeping.
a
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Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. Which of the following statements is true?
a. Brazil has a comparative advantage in producing coffee. b. Brazil has a comparative advantage in producing both coffee and sugar. c. Chile has a comparative advantage in producing both coffee and sugar. d. Neither Chile nor Brazil has a comparative advantage in producing coffee. e. Brazil has a comparative advantage in producing sugar.
The Keynesian model does a sound job of explaining
a. many recessions and why cyclical unemployment rises and falls. b. many recessions but not why cyclical unemployment rises and falls. c. why cyclical unemployment rises and what causes inflation. d. what causes inflation and why cyclical unemployment rises and falls.