GDP excludes expenditures by:
a. Government on military hardware
b. Business for travel and entertainment
c. Consumers on used automobiles
d. Businesses on pollution control equipment
c. Consumers on used automobiles
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The figure above shows the loanable funds market. The equilibrium real interest rate is ________, and the equilibrium quantity of loanable funds is ________
A) 4 percent; $1.5 trillion B) 4 percent; $2.5 trillion C) 6 percent; $2.0 trillion D) 8 percent; $1.5 trillion E) 0 percent; $3.5 trillion
In neoclassical growth theory, technological change ________
A) occurs by chance B) is influenced by population growth C) is influenced by the rate of economic growth D) occurs at a steady rate
On a time-series graph with a ratio scale
A) the slope of the line is negative when the level of the variable is rising. B) the same distance along the vertical axis measures different amounts of the variable. C) time is plotted on the vertical axis rather than the horizontal axis. D) it is impossible to determine a trend.
The Herfindahl-Hirschman Index is definitely larger in a ________ market than in a ________ market
A) monopoly; perfectly competitive B) monopolistic competitive; monopoly C) perfectly competitive; monopoly D) perfectly competitive; monopolistic competitive