Human societies have typically run out of resources before substitutes have been discovered or developed
Indicate whether the statement is true or false
F
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U.S. nominal GDP: a. has historically increased more slowly than real GDP. b. has historically increased more rapidly than real GDP. c. includes an estimate of the value of leisure time
d. includes an estimate of underground productive activity.
Which of the following statements is correct? a. Technological advances always lead to the permanent displacement of workers
b. In a growing and dynamic economy, jobs are constantly being destroyed and created. c. Without unemployment insurance, the average duration of unemployment would likely be longer. d. If there is a balance between demand and supply in the labor market, frictional employment must equal zero.
Assume that net exports are -$340, private investment is $1500, tax revenues are $800, government purchases are $2000 . and GDP - using the expenditure approach - is $9,000 . In this case, consumption expenditures must be
a. $1,840 b. $12,960 c. $5,840 d. $4,360 e. $5,160
Those who favor programs aimed at reducing inequality argue that these programs:
A. help reduce poverty. B. provide a financial incentive to work harder. C. provide a financial incentive to invest in human capital. D. discourage firms from discriminating in their hiring.