When current economic conditions are bad, people are ____________ inclined to save, and when they predict bad future economic conditions they are ____________ inclined to save now.
A. less; more
B. less; less
C. more; more
D. more; less
A. less; more
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The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
The maximum number of dresses that Becky can make in a day is represented by point:
A. V B. W C. T D. U
The income effect of higher wages leads workers to want to work more.
Answer the following statement true (T) or false (F)
The rate of growth in real Gross Domestic Product (GDP) minus the rate of growth of the population is the
A. unemployment rate. B. rate of growth of nominal GDP. C. employment growth rate. D. rate of growth of per capita real GDP.
In the United States, the number of hours worked per person has decreased since 1800. How would growth rates since 1800 be different if they were calculated for real GDP per capita instead of GDP per hour worked?
What will be an ideal response?