Real GDP per capita is found by dividing real GDP by the size of the labor force.
a. true
b. false
Answer: b. false
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To contract the money supply, the Fed should
A) lower the required reserve ratio. B) increase government spending and cut taxes. C) reduce the differential between the discount rate and the federal funds rate. D) sell U.S. government securities.
The Harvard experiment found the answer to "Why is private health insurance so expensive?" is:
A) adverse selection - healthier patients don't want expensive coverage. B) adverse selection - poorer patients want more free health care. C) adverse selection - Harvard employees wanted more extensive coverage. D) adverse selection - health care subsidies resulted in unhealthy patients wanting more coverage.
Refer to Figure 10.9. Other things equal, an increase in the nominal money supply by the Fed is best represented as a change in equilibrium from
A) point A to point B. B) point A to point D. C) point C to point B. D) point C to point D.
The economy's marginal social benefit curve for a public good is equal to the ________
A) horizontal sum of the individual demand curves B) vertical sum of the individual marginal benefit curves C) horizontal sum of the individual marginal benefit curves D) vertical sum of the individual supply curves