Which of the following best represents economic growth?
A) an increase in nominal GDP
B) an increase in real GDP
C) an increase in the per capita nominal GDP
D) an increase in the per capita real GDP
D
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Structural unemployment exists because workers and employers try to find the right employment matches
Indicate whether the statement is true or false
Goods with upward sloping demand curves are referred to as
A) luxury goods. B) substitute goods. C) Giffen goods. D) Marshall goods.
Moving downward on a downward sloping linear demand curve, the absolute value of the price elasticity of demand
A) is constant. B) increases continuously. C) decreases continuously. D) may either increase or decrease.
Suppose that during World War II the long-run aggregate supply curve shifted right. In order for price and output to have changed in the direction they did, what would have to have happened to aggregate demand?
a. It would have to have shifted left by less than aggregate supply shifted b. It would have to have to shifted left by more than aggregate supply shifted. c. It would have to have shifted right by less than aggregate supply shifted d. It would have to have to shifted right by more than aggregate supply shifted.