Economic growth is defined as equal to the increase in
A) real GDP.
B) population.
C) the price level.
D) the inflation rate.
E) employment.
A
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People tend to eat more at all you can eat buffets than they would at any other restaurants. This is so because the cost of consuming an additional item at an all you can eat buffet is
a. negative b. zero c. positive d. None of the above
To be binding, a price floor must be set above the equilibrium price
a. True b. False Indicate whether the statement is true or false
Starting from long-run equilibrium, if the public anticipates that policymakers will increase aggregate demand by less than policymakers do increase aggregate demand, and if the short-run aggregate supply curve fully adjusts to the (incorrectly) anticipated increase in aggregate demand, then Real GDP will __________ and the price level will __________
A) rise; rise B) decline; fall C) stay constant; rise D) decline; rise
In a given year, the inflation rate drops by 2 percentage points and annual output drops by 8 percent. In this case, what is the sacrifice ratio?
a. 2 b. 4 c. 6 d. 8