Aggregation is important because it allows macroeconomists to divide a whole into its individual components
a. True
b. False
B
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In the above figure, if aggregate demand does not change, the long-run equilibrium will be at the price level of ________ and real GDP of ________
A) 100; $15.5 trillion B) 120; $16 trillion C) 100; $16 trillion D) 110; $15.5 trillion
Discuss the options for financing a balance of payments deficit
What will be an ideal response?
In a market economy,
a. the government primarily determines the distribution of resources b. prices determine the allocation of resources c. what society produces is what it produced in the past d. resource costs increase as specialization increases e. absolute advantage is the primary determinant of resource allocation
The application of new technologies to the production process will increase:
A. the share of the population employed. B. average labor productivity. C. the unemployment rate. D. the quantity of human capital.