According to the World View chart in the text, from highest to lowest real GDP per capita, which is correct?
A. United States, Japan, France, Canada, China.
B. United States, Canada, Germany, Japan, South Korea.
C. United States, China, India, Jordan, Germany, Japan, Russia.
D. United States, China, Japan, Germany, Russia.
Answer: B
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(Last Word) Say's law and classical macroeconomics were disputed by:
A. Adam Smith. B. Jeremy Bentham. C. John Stuart Mill. D. John Maynard Keynes.
In the long run, firms in a monopolistically competitive market operate:
A. at lowest average total costs possible. B. at full capacity. C. at less than full capacity. D. on an efficient scale.
The impact of _____ unemployment is removed from official monthly unemployment figures
a. cyclical b. structural c. seasonal d. frictional e. involuntary
The market solution to structural unemployment, according to structural stagnationists, should include a:
A. lower reservation wage so that workers can be rehired and make firms more competitive. B. rise in inflation to make government begin to run contractionary policy. C. higher reservation wage so that workers will earn more income. D. combination of higher and lower reservation wages, dependent upon the rate of inflation.