Which of the following is correct?
a) Sometimes recessions are close together.
b) Spending, income, and production do not fluctuate closely with real GDP.
c) Recessions have never occurred very close together.
d) Economic fluctuations are easily predicted by competent economists.
Answer: a) Sometimes recessions are close together.
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Absolute advantage is determined by
A) actual differences in labor productivity between countries. B) relative differences in labor productivity between countries. C) Both A and B. D) Neither A nor B.
An important effect of foreign currency speculators is that
a. they have consistently lost money and have left the market. b. they have pushed exchange rates to wider extremes than most economists predicted. c. they actually limit the volatility of exchange rate movements. d. they have had no effect at all on exchange rate volatility.