Is it likely that the U.S. economy created only 14 million jobs during this time? period?
What will be an ideal response?
?No, the economy could have created more? jobs, but some were also lost during that period.
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Describe the gaps between real GDP per person in the United States and in other countries. For which countries is the gap narrowing? For which is it widening? For which is it the same?
What will be an ideal response?
According to ________, entrepreneurship does not contribute anything of value to production
A) Milton Friedman B) Karl Marx C) Robert Lucas and Thomas Sargent D) John Maynard Keynes
An economy that is currently producing a gross domestic product worth $200 million but is capable of producing an output worth $180 million at full-employment equilibrium would have a(n):
a. recessionary gap of $50 million. b. expansionary gap of $20 million. c. recessionary gap of $30 million. d. expansionary gap of $40 million.
The opportunity cost to a consumer who smokes cigarettes consists of the
A. costs imposed on others who inhale second-hand smoke. B. amount of cigarette taxes paid by this consumer. C. product that the consumer could have bought instead of cigarettes. D. cost of complementary products such as lighters, ashtrays, and cigarette holders.