Measures of income before intervention are calculated on an annual rather than a lifetime basis.
A. True
B. False
C. Uncertain
A. True
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If an economy is currently operating at its potential level of real GDP, an increase in aggregate demand will
A. increase the price level. B. decrease the price level. C. cause stagflation. D. produce long-run economic growth.
Per-capita output growth is the growth rate of output
A. of the entire economy. B. per worker in the economy. C. for capitalist economies. D. per person in the economy.
In a monopolistically competitive market:
A. firms produce differentiated products. B. firms produce homogeneous products. C. the demand for any firm's product is perfectly elastic. D. there are barriers to entry.
The trading of votes by elected officials to secure favorable outcomes is called:
A. splitting the difference. B. social engineering. C. logrolling. D. grandstanding.