The total of all planned production for the entire economy is known as A) aggregate inflation. B) aggregate supply. C) aggregate expenditures. D) aggregate demand. ANSWER B
Date: September 2nd, 2020
The aggregate supply curve A) becomes vertical if there is excess production capacity within the economy. B) shows a negative relationship between the price level and real Gross Domestic Product (GDP). C) shows what each producer is willing and able to produce at each income level. D) relates planned aggregate production to price level. […]
Date: September 2nd, 2020
The long run aggregate supply curve (LRAS) also represents A) the full-employment level of output. B) the full-information level of output. C) the full-adjustment level of output. D) all of the above. ANSWER D
Date: September 2nd, 2020
Which of the following statements is NOT true about using per capita real GDP to measure a nation’s economic growth? A) The definition does not indicate how the increase in growth is being disturbed among the nation’s population. B) The definition assumes that some of the increase in productivity goes to the poor. C) The […]
Date: September 2nd, 2020
Refer to the above table. Which country had the largest increase in per capita real GDP between 2014 and 2015? A) A B) B C) C D) D ANSWER C
Date: September 2nd, 2020
Refer to the above table. Which country has the lowest increase in per capita real GDP between 2014 and 2015? A) A B) B C) C D) D ANSWER A
Date: September 2nd, 2020
Which of the following statements is TRUE? A) The long-run aggregate supply curve is vertical. B) The short-run aggregate supply curve is vertical. C) The long-run aggregate demand curve is upward sloping. D) The long-run aggregate supply curve is upward sloping. ANSWER A
Date: September 2nd, 2020
Suppose two countries have identical growth rates of real GDP and the same initial value of per capita real GDP. We know, then, that A) living standards may differ in the two countries because we don’t know how income is distributed in the countries. B) economic well being is the same in both countries. C) […]
Date: September 2nd, 2020
Which of the following would be included in the calculation of Gross Domestic Product (GDP)? A) the value of spending on new machinery and equipment B) the value of the sale of 1,000 shares of IBM stock C) the value of transfer payments D) the value of the sale of a used guitar ANSWER […]
Date: September 2nd, 2020
According to the above table, if per capita real GDP is currently $1000, then at a constant annual rate of growth of 8 percent, per capita real GDP ten years from now will be equal to A) $2140. B) $2160. C) $2000. D) $2590. ANSWER B
Date: September 2nd, 2020
