Information technologies are a ________ for low-skilled labor and a ________ for high-skilled labor
A) substitute; substitute
B) complement; complement
C) substitute; complement
D) complement; substitute
C
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The components of aggregate expenditure are consumption expenditure,
A) investment, government expenditure on goods and services, and net exports. B) investment, government expenditure on goods and services, and net taxes. C) interest, government expenditure on goods and services, and net exports. D) investment, government expenditure on goods and services, and net income. E) interest, gross spending, and net spending.
Which of the following is not a property of a competitive equilibrium?
A) markets clear. B) consumers and firms optimize given market prices. C) the government budget constraint is satisfied. D) increasing total factor productivity.
Gross domestic product (GDP) includes:
a. intermediate as well as final goods. b. foreign goods as well as domestically produced goods. c. used goods sold in the current time period. d. only final goods and services.
Exhibit 4-2 Supply and demand curves
In Exhibit 4-2 an increase in supply would cause a movement from which equilibrium point to another, other things being equal?
A. E1 to E2. B. E1 to E3. C. E4 to E1. D. E3 to E4.