The introduction of a new technology that increases the productivity of labor will:
A. decrease the demand for labor
B. increase the demand for labor.
C. decrease the supply of labor.
D. increase the supply of labor.
Answer: B
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Combinations to the left of the budget line are:
A. Unavailable and inefficient B. Unattainable and efficient C. Attainable and inefficient D. Attainable and efficient
Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $11,000 billion. What is the rate of growth of real GDP between 2015 and 2016?
A) 1% B) 2% C) 5% D) 10%
Reverse causation is the idea that
A) current increases in output cause future increases in the money supply. B) current increases in the money supply cause future increases in output. C) expected future increases in the money supply cause increases in current output. D) expected future increases in output cause increases in the current money supply.
In the short run, and especially when unemployment is high, crowding in is the stronger force. The short-run effects of government’s financial rescue program and fiscal stimulus package helped the economy increase aggregate demand curing the Great Recession.
Answer the following statement true (T) or false (F)