Social Security was established
a. in the 1930s to provide retirement income to those with a work history
b. in the 1930s to provide jobs for the unemployed
c. in the 1930s to provide health insurance
d. in the 1960s to provide retirement income to those with a work history
e. in the 1960s to provide health insurance
A
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In this year, Country A has a real GDP per person that is 4 times greater than that of Country B. Country B's growth rate of real GDP per person is 3.5 percent per year
How many years will it take for Country B's real GDP per person to reach the same level that Country A had in this year? A) 10 years B) 20 years C) 40 years D) 60 years E) 56 years
In the short run, a supply shock that shifts the short-run aggregate supply curve leftward raises the price level and decreases real GDP
Indicate whether the statement is true or false
If an economy were experiencing a high rate of unemployment as the result of insufficient aggregate demand, a Keynesian economist would favor:
A. a reduction in taxes coupled with a reduction in government expenditures of equal size. B. an increase in government expenditures coupled with an increase in taxes of equal size. C. a reduction in taxes, without any offsetting reduction in government expenditures. D. maintenance of a balanced budget.
If nominal GDP rises:
A. real GDP may either rise or fall. B. we can be certain that the price level has risen. C. real GDP must fall. D. real GDP must also rise.