The number of people employed in a country increased. Everything else remaining unchanged, this will lead to a ________
A) fall in the country's GDP B) fall in the country's consumer price index
C) fall in the country's GNP D) fall in the country's income per worker
D
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
For resources whose property rights are not well-defined or well-enforced,
A) people have an incentive to acquire as much of the resource as possible for themselves before someone else does. B) people have no incentive to acquire the resource since they do not have the property rights to that resource. C) people have little incentive to acquire the resource because if the the property rights are not well-defined or well-enforced, they are most likely of little value. D) people have an incentive to acquire a limited amount of that resource for personal use, but no more than they can use personally.
The economic hardship resulting from a financial crises is severe, however, there are also social consequences such as
A) increased crime. B) difficulty getting a loan. C) currency devaluations. D) loss of output.
Consider the following pairs of goods. For which of the two goods would you expect the demand to be more price elastic? Why?
a. water or diamonds b. insulin or nasal decongestant spray c. food in general or breakfast cereal d. gasoline over the course of a week or gasoline over the course of a year e. personal computers or IBM personal computers