The equation illustrating leakages equal injections in an economy would be:
a. I + S + NT = G + S
b. G + S = C + I + X
c. S + NT + M = I + G + X
d. I + G + X = Rent + Wages + Profits + Interest
c
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If real GDP per capita in the United States is $8,000, what will real GDP per capita in the United States be after 5 years if real GDP per capita grows at an annual rate of 3.2%?
A) $8,520 B) $9,280 C) $9,365 D) $10,560
If the aggregate supply curve is vertical, then shifts in aggregate demand will not change aggregate output
a. True b. False Indicate whether the statement is true or false
Under certain assumptions, the actions of elected officials mimic the wishes of the median voter.
A. True B. False C. Uncertain
Figure 11.2Figure 11.2 shows demand and costs for a monopolistically competitive firm. In the long run we expect:
A. the firm to produce more output at a higher price. B. the firm to charge a price which is equal to its average cost of production. C. the firm to experience a decrease in the average cost of production. D. the firm to earn a greater profit.