Taylor Economics Chapter 32 Test BankMultiple Choice Questions1.In what way is each and every one of the economies of the more than 200 countries of the world similar? A. all use the same macroeconomic policiesB. each focuses on a Keynesian perspective C. all have their own distinctive characteristicsD. each focuses on a neoclassical perspectiveAnswer: C
Reference: Explanation: Type: Multiple Choice Difficulty: Easy Category: Understand2.The high-income economies of the world contain approximately __________ of the world’s population and produce and consume ___________ of the World’s GDP.
Reference: Explanation: Type: Multiple Choice Difficulty: Medium Category: Remember3.What do growth in standard of living, low unemployment, low inflation, and a sustainable balance of trade all share in common?
Reference: Explanation: Type: Multiple Choice Difficulty: Easy Category: Understand4.By measuring and comparing per capita GDP data, economists can determine the extent that per capita GDP differs between the nations of the World. While this is useful information, which of the following is a valid criticism of comparing per capita GDP for this purpose?