If average labor productivity decreases, then the same number of employed workers will always produce:
A. less output per person.
B. more total output.
C. more output per person.
D. less total output.
Answer: D
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When market price is higher than equilibrium price, quantity demanded is ______ quantity supplied.
Fill in the blank(s) with the appropriate word(s).
The Friedman natural rate theory is based on rational expectations and is also called the new classical theory
Indicate whether the statement is true or false
In June of 2010, the government had a debt of about $8.6 trillion. Over the next year real GDP grew by about 1.6% and inflation was about 2%. What is the largest deficit the government could have run over this time without raising the debt-to-GDP ratio?
a. about $68.8 billion b. about $137.6 billion c. about $275.2 billion d. about $309.6 billion
Which of the following scenarios shows the likely effect of a 20% tariff on steel imports?
a. The price of imported steel falls. b. The volume of steel imports rises. c. Sales of imported steel increase. d. The price of domestic steel rises.