Goods and the flow of services
Dollars and the flow of financial assets
Inputs and outputs and the flow of dollars
Capital goods and the flow of consumer goods
Income from factors of production flows from firms to households.
Goods and services flow from households to firms.
Factors of production flow from firms to households.
Spending on goods and services flow from firms to households.
There is less than an infinite amount of a resource or good.
Society can meet the wants of every individual.
There is less of a good or resource available than people wish to have.
The government fails to produce goods.
Calculating dollar costs.
Comparing costs and benefits.
A country is better off because it will become self-sufficient.
A country's production possibilities frontier is also its consumption possibilities frontier.
A country can still benefit from international specialization.
More product variety is available in a country.
The equilibrium price of apple juice falls and the equilibrium quantity of apple juice rises.
The equilibrium price of apple juice might rise or fall and the equilibrium quantity of apple juice rises.
The equilibrium price of apple juice will rise and the equilibrium quantity might rise or fall.
The equilibrium price of apple juice might rise or fall and the equilibrium quantity of apple juice falls.
The price of tea (a substitute for cafe lattes) fell
The price of tea (a substitute for cafe lattes) rose
The price of coffee beans (an input of production of cafe lattes) rose
The price of coffee beans (an input of production of cafe lattes) fell
The equilibrium price of cream rises and the equilibrium quantity of cream might rise or fall.
The equilibrium price of cream falls and the equilibrium quantity of cream might rise or fall.
The equilibrium price of cream falls and the equilibrium quantity of cream rises.
The equilibrium quantity of cream falls and the equilibrium price of cream might rise or fall.
The price increases.
The price decreases.
The demand for beer increases.
The demand for beer decreases.
The supply of beer increases.
The supply of beer decreases.
Inputs purchased by a typical producer.
Goods and services bought by a typical consumer.
Goods and services produced in the economy.
Stocks on the New York Stock Exchange.
The market value of all goods produced within a country.
The market value of all final goods and services produced by the citizens of a country.
The market value of all final goods and services produced within a country.
None of the above are correct.
Increased measured GDP.
Reduced measured GDP.
Did not affect measured GDP.
Affected measured GDP only to the extent that people eat more at restaurants than at home.
Substitution of new goods for old goods in the purchases of consumers.
Substitution of quality for quantity in consumer purchases over time.
Fact that consumers substitute toward goods that have become relatively less expensive.
Substitution of new prices for old prices in the basket of goods from one year to the next.
A payment for moving expenses a worker receives when he or she is transferred by an employer to a new location.
A payment that is automatically transferred from your bank account to pay your utility bill.
The term that is used to indicate that your paycheck has been automatically deposited into your bank account.
A form of government spending that is not made in exchange for a currently produced good or service.
The demand for chicken decreases
The demand for chicken increases
The supply of chicken increases
The supply of chicken decreases
The current demand for the product increases.
The current demand for the product decreases.
The current supply of the product increases.
The current supply of the product decreases.
The demand for peanuts decreases
The demand for peanuts increases
The quantity demanded of peanuts decreases
The quantity demanded of peanuts increases
The price of airplane tickets (a substitute for cars) fell.
The price of airplane tickets (a substitute for cars) rose.
Automobile manufacturing technology increased.
Automobile manufacturing technology decreased.
The price of a good and the quantity that consumers are willing to buy.
The price of a good and the quantity that producers are willing to sell.
The income of consumers and the quantity of a product consumers are willing to buy.
The income of consumers and the quantity of a product that producers are willing to sell.
The price of the product.
The price of related goods.
The cost of producing the product.
The demand for bananas increases.
The demand for bananas decreases.
The supply of bananas increases.
The supply of bananas decreases.
Probably underestimates the rate of real economic growth.
Probably overestimates the rate of real economic growth.
Probably accurately estimates the rate of real economic growth.
Is rarely used.
About 63.8 million and 3.2 million
About 63.8 million and 5.2 million
About 67 million and 3.2 million
About 67 million and 5.2 million
Per capita GDP
Per capita GNP
Divide the number of hours worked by output
Divide output by the number of hours worked
Compute output growth
Divide the change in output by the change in number of hours worked
In the labor force.
Must be looking for work or on temporary layoff.
Be age 16 or over.
Unemployed and not looking for work.
A new factory building
A computer used to help keep track of orders
A desk used in an accountant's office
Future job security
Forgone wages at present
Increased earning potential
All of the above are correct
Knowledge and skills that workers acquire through education, training, and experience.
Stock of equipment and structures that is used to produce goods and services.
Total number of hours worked in an economy.
Same thing as technological knowledge.
Increases, and the labor force participation rate decreases.
Increases, and the labor force participation rate is unaffected.
Is unaffected, and the labor force participation rate increases.
Decreases, and the labor force participation rate is unaffected.
And unions both create structural unemployment.
And unions both create frictional unemployment.
Creates frictional unemployment and unions create structural unemployment.
Creates structural unemployment and unions create frictional unemployment.
Organization of Less Developed Countries.
Alliance of Developing Countries.
International Development Alliance.
A country's most highly educated workers emigrate to rich countries.
A country has such a poor educational system that knowledge is lost over time.
The population of a country grows so fast that the educational system can't keep up.
A country steals patented technology from another country.
A document stating the rights of ownership that accompany owning property.
The ability of people to exercise authority over the resources they own.
The right of the government to exercise authority over property owners.
The fact that some countries have greater natural resources.
Strong private property rights.
Tariffs and quotas.
Encouraging foreign investment.
Low population growth.
Long, and most unemployment observed at any given time is long term.
Long, but most unemployment observed at any given time is short term.
Short, but most unemployment observed at any given time is long term.
Short, and most unemployment observed at any given time is short term.
The risk associated with selecting sticks in only a few specific companies
The risk that a person will become overconfident in his ability to select stocks
A high-risk person being more likely to apply for insurance
After obtaining insurance a person having less incentive to be careful
Investment in human capital
Business consumption expenditures
None of the above are correct
Minus real GDP per person from the previous period equals the growth rate of real GDP per person.
Provides more meaningful comparisons across time and countries than real GDP.
Is population divided by GDP.
All of the above are correct.
Include imposing tariffs and other trade restrictions.
Have generally increased productivity and growth in the countries that pursued them.
Promote production of goods and services that the country that adopts them can produce most efficiently.
All of the above are correct
Federal Reserve System.
More productive natural resources have been discovered.
Physical capital per worker has increased.
Technological knowledge has increased.
Human capital has increased.
Lend money to a bank or other financial intermediary.
Borrow money from a bank or other financial intermediary.
Directly buy bonds from the public.
Directly sell bonds to the public.
Pays continuously compounded interest.
Pays interest only when it matures.
Will be used to purchase another bond when it matures unless the owner specifies otherwise.