An upward-sloping straight line exhibits a direct relationship between two variables
a. True
b. False
Indicate whether the statement is true or false
True
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The quantity of real GDP produced by one hour of labor is defined as
A) the advance in technology. B) economic growth. C) the growth rate of technology. D) real GDP per person. E) labor productivity.
Consider the market for wheat. If there is an improvement in harvesting technology,
A) the demand curve for wheat shifts rightward. B) the demand curve for wheat shifts leftward. C) there is a movement up along the demand curve. D) the supply curve for wheat shifts rightward. E) the equilibrium price rises.
Discretionary monetary policy has the drawback that it
A) must lead to very high inflation. B) is currently illegal in the United States. C) makes inflation expectations harder to manage. D) cannot be implemented using changes in the federal funds rate. E) None of the above answers is correct.
In the long-run, an increase in the budget deficit and an expansionary monetary policy would:
A) increase the price level only. B) increase both the price level and real income. C) increase real income only. D) none of the above.