When trying to determine the standard of living in a given country, it is not important to observe its income distribution, because what we are interested in is the income per person in the economy

The analysis in Chapter 15 implies that the housing bubble of the last decade would likely have been avoided if

A) the Fed had pursued a monetary equilibrium policy as opposed to cheap interest rate policies. B) people weren't as greedy as they were during the beginning and middle of the bubble. C) price controls were established to keep home prices from rising as high as they did. D) markets were better regulated.

A nation can determine how close it is to the classical range by considering its:

a. Employment rate. b. Net export position. c. Exchange rate d. None of the above.