Where should the economically-challenged regions of the world put their focus?
a. low inflation
b. health and education
c. balance of trade
d. low unemployment
b. health and education
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Real GDP equals $12 trillion and aggregate hours equals 300 billion hours. What does labor productivity equal?
What will be an ideal response?
The Federal Reserve econometric model predicts that a 2 percent increase in the money supply will increase real GDP after one year by
A) 1 percent. B) 2.5 percent. C) 2 percent. D) 10 percent.
The analysis of oligopolistic behavior is difficult because
a. there are few real-world examples of oligopolies for economists to study. b. oligopolists make decisions independently of each other. c. firms in oligopolistic industries react to each other's behavior in many ways. d. economists have paid little attention to the topic in recent years and so have not yet applied to it the techniques of modern economic theory.
Katie has decided that she would enjoy eating another cupcake. Which of the following statements is consistent with Katie's decision?
A. Katie's marginal utility has decreased but it is unclear what has happened to total utility. B. Katie's total utility has increased but it is unclear what has happened to her marginal utility. C. Katie's marginal utility has decreased with a corresponding decrease in total utility. D. Katie's marginal and total utility remain unchanged.