When economic growth occurs it will:
a. eventually eliminate scarcity
b. shift the production possibilities curve to the left.
c. be a product of luck.
d. often result from improved technology.
d
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The above table shows the distribution of wealth and income for Miseria. What percent of the wealth is owned by the wealthiest twenty percent of the population?
A) 0 percent B) 2 percent C) 5 percent D) 83 percent
Crowding out occurs because expansionary fiscal policy:
A) appreciates the exchange rate. B) lowers foreign income. C) lowers the interest rate. D) increases net exports.
If actual GDP is less than potential GDP:
A. potential GDP will fall. B. the price level will rise. C. investment spending will fall. D. the actual unemployment rate will be higher than the natural unemployment rate.
The production of durable goods varies more than the production of nondurable goods because:
A. durables purchases are nonpostponable. B. durables purchases are postponable. C. the producers of nondurables have monopoly power. D. producers of durables are highly competitive.