According to the text, a country with a considerable amount of economic freedom will experience
A. low levels of political freedom.
B. dead capital.
C. negative rates of per capita income growth.
D. positive rates of per capita income growth.
Answer: D
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In the United States, the poorest 10 percent of households earns approximately what share of total income?
A. 50% B. 10% C. 2% D. 20% E. 5%
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
If the output gap equals ?3.2 percent, then:
A. potential GDP is lower than actual GDP. B. there is no cyclical unemployment. C. cyclical unemployment equals the sum of structural and frictional unemployment. D. there is a recessionary gap.
What will happen to the equilibrium price and quantity of traditional camera film if traditional cameras become more expensive, digital cameras become cheaper, the cost of the resources needed to manufacture traditional film falls, and more firms decide to manufacture traditional film?
a. Price will fall, and the effect on quantity is ambiguous. b. Price will rise, and the effect on quantity is ambiguous. c. Quantity will fall, and the effect on price is ambiguous. d. Quantity will rise, and the effect on price is ambiguous.