Economists use a resource’s price as an indicator of its relative scarcity.
Answer the following statement true (T) or false (F)
True
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A nation's growth rate will most likely ________ as it converges to a new, higher balanced growth path
A) speed up B) slow down C) maintain its current pace D) become negative
When the MPC gets smaller, the spending multiplier:
a. gets larger. b. gets smaller. c. stays the same. d. gets smaller at low real GDP, and larger at high real GDP. e. gets larger at low real GDP, and smaller at high real GDP.
Which of the following can explain faster growth of real GDP in country A than in Country B?
a. both greater population growth and greater productivity growth in Country A b. greater population growth in Country A, but not greater productivity growth in Country A c. greater productivity growth in Country A, but not greater population growth in Country A d. neither greater population growth nor greater productivity growth in Country A
Which of the following will definitely occur when there is a simultaneous decrease in demand and a decrease in supply?
A. an increase in equilibrium quantity B. a decrease in equilibrium price C. an increase in equilibrium price D. a decrease in equilibrium quantity