The budget deficit refers to how much has been borrowed:
a. in one particular year.
b. over time.
c. against Social Security.
d. to pay interest on loans.
a. in one particular year.
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If the population growth rate is 2 percent, real GDP per person will double in 7 years if real GDP grows by ______ percent per year
A. 7 B. 10 C. 12 D. 14
For a perfectly competitive firm in the short run, if the following conditions are true, P = MR = MC > AC, then
A. the firm is maximizing profits and is making an economic profit. B. the firm is not maximizing profits but is making an economic profit. C. the firm is not maximizing profits and is not making an economic profit. D. the firm is maximizing profits and is suffering an economic loss.
A sellers' supply curve represents: a. the private cost borne by the sellers. b. the subsidies received by the sellers. c. the taxes paid by the sellers
d. the social cost borne by the sellers.
An increase in the price of nonlabor inputs
A) shifts the AD curve leftward. B) shifts the SRAS curve leftward. C) is the same thing as a beneficial supply shock. D) shifts the AD curve rightward. E) shifts the SRAS curve rightward.