How do we measure economic growth?
a. Increases in the price level, as indicated by the GDP chain price index.
b. Increases in nominal GDP.
c. Increases in real GDP.
d. Increases in the labor force.
c
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If the United States has a net export deficit, which of the following must be true? (Assume that the capital account is zero and net transfers are zero.)
A) Net foreign investment must be negative as well. B) Domestic private saving must be less than net foreign investment. C) Domestic public saving must be less than net foreign investment. D) The balance on the financial account must equal the balance on the current account.
As a result of the superb economics essay that you wrote during this quarter, you won the Adam Smith prize of $100. The receipt of these funds would be an example of
A) the substitution effect being stronger than the income effect. B) the income effect being stronger than the substitution effect. C) a pure income effect. D) a pure substitution effect.