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
The major change in American labor markets this century is A) the steady rise of the unemployment rate. B) the steady rise of the employment rate. C) the increase in the labor-force participation rate. D) the increase in the female labor-force participation rate. ANSWER D
Date: September 2nd, 2020
The full-employment and full-adjustment level of real Gross Domestic Product (GDP) in the economy is represented by A) the horizontal line at the price level. B) the LRAS curve. C) the distance between the LRAS curve and the AD curve. D) the AD curve. ANSWER B
Date: September 2nd, 2020
