Which of the following is a measure of economic growth that is most useful for measuring geopolitical preeminence or military potential?
A. Growth in nominal GDP
B. Decreases in the rate of unemployment
C. Increases in real GDP per capita
D. Increases in real GDP
D. Increases in real GDP
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In the product market
A) businesses trade goods and services for resources. B) consumers trade monetary payments for goods and services. C) consumers trade goods and services for resources. D) consumers trade resources for goods and services.
Speculators serve no useful function in a market
a. True b. False Indicate whether the statement is true or false
Suppose the income elasticity of demand is -0.5 for good X. This implies that a 5% decrease in income will cause the quantity demanded of good X to
a. increase by 2.5%, and X is an inferior good. b. decrease by 2.5% and X is a normal good. c. increase by 10% and X is an inferior good. d. decrease by 10% and X is a normal good.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher