________ is the total value of final goods and services produced within the borders of a country, using current market prices to determine the value of each unit that is produced
A) Gross national product
B) Real gross domestic product
C) Nominal gross domestic product
D) Total product
C
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When the policy rate hits its lower bound and inflation keeps falling, this portion of the aggregate demand curve is
A) downward sloping. B) upward sloping. C) flat. D) undetermined.
In the Solow growth model, the growth rate of real GDP per worker depends on the ________, and in the AK growth model, the growth rate of real GDP per worker depends on the ________
A) rate of depreciation; rate of dilution B) investment growth; rate of population growth C) growth rate of the capital stock; growth rate of the labor force D) rate of labor-augmenting technological change; national saving rate
When the government imposes a specific tax per unit on a product, changes in consumer surplus are ________ and changes in producer surplus are ________
A) negative; positive B) positive; positive C) negative; negative D) positive; negative
Government intervention to reduce the level of pollution is prompted by the existence of
A. An inequitable distribution of income. B. A monopoly. C. Negative externalities. D. Government failure.