Which of the following is a measure of economic growth that is most useful for comparing changes in standards of living?
A. increases in real GDP
B. increases in real GDP per capita
C. growth in nominal GDP
D. decreases in the rate of unemployment
Answer: B
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
The successor to GATT in 1995 is
A) the World Agreement on Tariff and Trade. B) the World Trade Organization. C) the World Trade Agreement. D) the World Trade and Tariff Organization.
If you will receive $3,000 three years from today and the discount rate is 7 percent, the present value of the $3,000 is
a. $2,779 b. $3,770 c. $1,658 d. $1,962 e. $2,449
Suppose that last year you borrowed $100 at 5 percent interest to purchase a $100 pair of Nike cross-training shoes. This year you repaid the bank with interest. If the inflation rate was 10 percent last year, your purchase of the shoes would:
a. make you an inflation winner as you saved $5 on the shoes. b. make you an inflation loser as you paid $5 more than you should have for the shoes. c. not be affected at all by the inflation rate. d. be taxed according to COLA adjustments. e. make you an inflation loser because of bracket creep.