The aggregate demand curve is
A) upward sloping. B) a vertical line at potential output.
C) a horizontal line at the current price level. D) downward sloping.
D
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There is no general agreement among economists regarding the sources of the U.S. productivity slowdown that occurred between 1973 and 1995.
Answer the following statement true (T) or false (F)
According to the rule of 70, a country will double its real GDP per capita in 35 years if it grows at an average of ________ per year.
A. 3.5 % B. 2.0% C. 5.0% D. 7.0%
If a decrease in income leads to a decrease in the demand for mac and cheese, then mac and cheese is
A) a normal good. B) a neutral good. C) a complement. D) a necessity.
Jimmy is very excited about the costume party with a 1990s theme. He is planning to dress up as MC Hammer but is also considering going as a lifeguard from Baywatch. His opportunity cost of arriving dressed like MC Hammer is:
A. the savings from not purchasing red swimming trunks. B. giving up the alternative of dressing like a lifeguard. C. the cost of parachute pants that MC Hammer would wear. D. there is no opportunity cost because he attended the party either way.