Which of the following predicts that there can be no sustained rise in real GDP per person above the subsistence level?
A) classical growth theory
B) neoclassical growth theory
C) new growth theory
D) None of the above because all predict that there will be a sustained rise above the subsistence level.
A
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During the winter of 2011-2012, the price of fuel oil increased enormously but the quantity demanded decreased only a little. This response indicates that the demand for fuel oil was
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
Suppose Ford Motor Company produced and sold $50 million 2015 model-year pickup trucks during the last half of 2014. How would this affect GPD?
A) 2014 GDP would remain unchanged, and 2015 GDP would rise by $50 million. B) 2014 GDP would rise by $50 million, and 2015 GDP would not be affected. C) Both 2014 and 2015 GDP would rise by $25 million. D) Trick question: 2015 model-year vehicles can't be produced and sold in 2014.
The liabilities side of a central bank's accounts consists of
A) deposits held by private banks. B) currency in circulation. C) deposits held by private banks and currency in circulation. D) deposits held by foreign banks, domestic assets, and currency in circulation. E) foreign assets and domestic assets.
According to Keynes, in deciding whether to increase or decrease planned investment, businesses will be guided primarily by
a. the rate of interest. b. past profits. c. the size of government spending. d. expected profits.