When equilibrium GDP is below potential GDP, jobs are plentiful and unemployment is low.
Answer the following statement true (T) or false (F)
False
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A price ceiling is ______ if it is set _____ the market equilibrium price
A. efficient and fair; below B. unfair but efficient; equal to C. efficient and unfair; above D. inefficient and unfair; below
If the contribution from capital growth equals 3 percent and the contribution from productivity growth equals 1.6 percent, GDP will grow by ________
A) 1.6 percent B) 4.6 percent C) 4.8 percent D) an unknown value
The quantity of money held by typical individuals falls when there are increases in
A. wealth. B. the cost of living. C. the degree of uncertainty felt about future income. D. rates of interest from bonds.
Given a discount rate of 10 percent, the present value of receiving $100,000 two years in the future is
A) $12,000. B) $80,000. C) $82,645. D) $121,000.