Most economists believe that convergence of GDP per capita ________ between developed nations and ________ between developing and developed nations.
A. has occurred; has occurred
B. has not occurred; has occurred
C. has occurred; has not occurred
D. has not occurred; has not occurred
Answer: C
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The impact of Hurricane Katrina on consumers in the economy was to make them very pessimistic about their future incomes. How does this increased pessimism affect the aggregate demand curve?
A) This will move the economy down along a stationary aggregate demand curve. B) This will shift the aggregate demand curve to the left. C) This will shift the aggregate demand curve to the right. D) This will move the economy up along a stationary aggregate demand curve.
Consider the following three items of spending by the government: (i) the federal government pays a $500 unemployment benefit to an unemployed person; (ii) the federal government makes a $2,000 salary payment to a Navy lieutenant; (iii) the city of Bozeman, Montana makes a $10,000 payment to ABC Lighting Company for street lights in Bozeman. Which of these payments contributes directly to
government purchases in the national income accounts? a. only item (i) b. only item (ii) c. only items (i) and (ii) d. only items (ii) and (iii)
A balanced budget occurs when
A) the national debt is reduced to zero dollars. B) a budget deficit during one year is matched by a budget surplus in the next year. C) transfer payments equal tax revenues. D) government expenditures equal tax revenues. E) the deficit-GDP ratio equals one.
When a minimum-wage law forces the wage to remain above the equilibrium level, the result is
a. both a shortage of labor and a shortage of jobs. b. a shortage of labor and a surplus of jobs. c. a surplus of labor and a shortage of jobs. d. both surplus of labor and a surplus of jobs.