Over the last 100 years or so, the U.S. economy has grown annually at an average rate of:
A. 1 %.
B. 3 %.
C. 4 %.
D. 2 %.
Answer: D
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Consider the market for turkeys. In the United States, because of Thanksgiving in the month of November,
A) there is a downward movement along the demand curve for turkeys. B) there is an upward movement along the supply curve for turkeys. C) the supply curve of turkeys shifts leftward. D) the demand curve for turkeys shifts leftward. E) neither the demand curve nor the supply curve shift; instead there is a movement along both curves.
Which of the following statements is correct?
A) An increase in people's expected future income shifts the aggregate demand curve leftward. B) A tax increase shifts the aggregate demand curve leftward. C) An increase in potential GDP shifts the aggregate demand curve rightward. D) An increase in exports shifts the aggregate demand curve leftward. E) The higher the price level, the larger is the quantity of real GDP demanded.
The concept of "opportunity cost" helps us explain the choices of
A) consumers only. B) producers only. C) greedy people only. D) politicians only. E) any individual.
Real gross domestic product per capita declines during periods of rapid economic growth
Indicate whether the statement is true or false