If retail managers are ordering extra merchandise from their wholesale distributors, then it is probably true that
a. total output is greater than total spending.
b. price levels are decreasing.
c. inventory levels are increasing.
d. inventory levels are decreasing.
d
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During the past century the average growth rate of U.S. real GDP per person implies that it doubled, on average, about every
a. 100 years. b. 70 years. c. 35 years. d. 25 years.
Society wants to use its scarce resources efficiently. To achieve this economic goal it must:
A. expand the use of capital goods and reduce the use of labor. B. have a fixed resource base and fixed technology. C. have full employment and full production. D. increase the rental, interest, wage, and profit payments to the factors of production.
Which of the following would be the strongest signal in the labor market?
a. a nice haircut b. a stylish suit c. a graduate degree d. a professional business card
An increase in the stock of capital will cause the
A. production possibility frontier to shift outward. B. economy to move closer to its production possibility frontier. C. production possibility frontier to shift inward. D. economy to move down the production possibility frontier.