In the United States, between 1961 and 2011, there has been
i. a consistent , non-changing growth rate of potential GDP per person.
ii. an increase in the standard of living based on real GDP per person.
iii. fluctuations in real GDP per person around potential GDP per person.
A) ii only
B) i, ii and iii
C) i and ii only
D) ii and iii
E) i only
D
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All homothetic goods are normal goods.
Answer the following statement true (T) or false (F)
The aggregate production function describes the relationship between
A) real GDP and the quantity of labor employed. B) real GDP and the price level. C) the rate of growth of real GDP and inflation. D) real GDP and the unemployment rate.
If there is a financial panic and increased uncertainty about the returns in the stock market and bond market, what is the likely effect on money demand?
A) Money demand declines first, then rises when inflation increases. B) Money demand rises. C) The overall effect is ambiguous. D) Money demand declines.
An example of monopoly power in input markets is
A) major league baseball owners in the market for player services. B) the United Auto Workers union in the market for auto worker services. C) OPEC in the market for crude oil. D) all of the above