The benefits of economic growth are ________, while the costs of economic growth are ________.
A. increased output per person; less future consumption
B. increased output per person; too small for concern
C. more current consumption; less future consumption
D. increased output per person; the consumption sacrificed in exchange for capital formation
Answer: D
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
The lowest price Jacob will accept from Harold for a bushel of corn produced in his farm is $5 . The transaction will go through if:
a. Harold's valuation is less than Jacob's. b. Harold's valuation is greater than $5. c. Jacob's opportunity cost is greater than Harold's. d. Jacob's opportunity cost is equal to Harold's.
Assume the real U.S. GDP in 1997 was $7,269 billion and the U.S. population was 268 million, and the real U.S. GDP in 1998 was $7,552 billion and the U.S. population was 270 million. From 1997 to 1998, the per capita real GDP
A. Remained unchanged. B. Increased. C. Decreased. D. Cannot be determined from the information given.
At the intersection of the short-run aggregate supply curve, the aggregate demand curve, and the long-run aggregate supply curve, the economy is in:
A. neither a short-run nor long-run equilibrium. B. a short-run equilibrium but not a long-run equilibrium. C. both a short-run and long-run equilibrium. D. a long-run equilibrium but not a short-run equilibrium.