Question

Which of the following statements is (are) correct?
(x) If the average income of an American is higher than the average income of a Canadian, it is most likely because productivity is higher in Canada than in the United States.
(y) To improve living standards, policymakers should reduce spending on public education.
(z) In general, government policies that lead to an increase in productivity will elevate the average income of the residents of that country
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (z) only

which of the following would typically raise the average standard of living in the United States?
(x) an increase in the minimum legal wage that is paid to workers in the United States.
(y) an increase in investment in new production equipment by U.S manufacturing firms.
(z) shortening the average work week.
A. (x), (y) and (z)
B. (x) and (z) only
C. (y) and (z) only
D. (x) only
E. (y) only

13. Which of the following statements is (are) correct?
(x) Inflation is defined as an increase in the overall level of prices in the economy.
(y) Inflation causes the value of money to fall.
(z) When the German government increased the quantity of money in the German economy in the 1920s, Germany experienced a high rate of inflation.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (z) only

Answer 1

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