A. how hard we work:
B. our supply of capital because everything of value is produced by machinery
C. our productivity because our income is equal to what we produce
D. our supply of natural resources because they limit production
Related Mcqs:
- If people can borrow and lend to perfectly smooth out their lifetime living standards, then ?
A. transitory income is a good measure of the distribution of living standards
B. none of these answers
C. permanent income is a good measure of the distribution of living standards.
D. life-cycle income is a good measure of the distribution of living standards.
E. current annual income is a good measure of the distribution of living standards. - The gains from international trade are closely related to ?
A. The labor theory of value
B. How much the autarky price differs from international terms of trade change
C. The fact that a country must lose from trade
D. All of the above - Imitating labor standards from rich countries in LDCs may increase ?
A. equality
B. poverty
C. employment
D. human development - Difference in environmental standards or other government regulations among nations ?
A. have no impact on patterns of international trade
B. have tended to make U.S steel companies more competitive internationally
C. can affect production costs and thus alter comparative advantages and trade patterns
D. have been eliminated by the nations participating in NAFTA - If a government uses barriers to foreign products such as biases against a foreign company’s bids or product standards that go against a foreign company’s product features the government is using ?
A. Protectionism
B. exchange controls
C. exchange facilitators
D. nontariff trade barriers - Mention the name for that urban and rural region which is closely associated economically with an adjoining town or city. Term is also used to describe the area that is serviced by a port or coastal settlement ?
A. Hinterland
B. Country land
C. Dependent land
D. Parasite land - Which of the following market would most closely satisfy the requirements for a competitive market ?
A. electricity
B. cable television
C. cola
D. milk
E. All of these answers represent competitive markets - A reasonable measure of the standard of living in a country is ?
A. real GDP per person
B. nominal GDP per person.
C. Real GDP
D. The growth rate of nominal GDP per person - An adjustment is made in wages that corresponds with the change in the cost of living. What this adjustment is called ?
A. Free adjustment
B. Cost effective adjustment
C. Comparative adjustment
D. Cost of living adjustment - Suppose your income rises from Rs19,000 to Rs31,000 while the CPI rises from 122 to 169 Your standard of living has likely ?
A. fallen
B. You can’t tell without knowing the base year
C. risen
D. stayed the same
