Growth in potential GDP in the United States from 1949 to 2017 was estimated to be about
A) 8.25% per year.
B) 5.0% per year.
C) 3.2% per year.
D) 1.5% per year.
Answer: C
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According to the table, the price of Big Macs converted to U.S. dollars varies widely around the world. This shows that Big Mac pricing does NOT follow the theory of
A) Ricardian equivalence. B) purchasing power parity. C) supply and demand. D) real versus nominal prices.
Refer to the accompanying figure.
Based on the figure, if the economy is in short-run equilibrium with output equal to 24,000, then there is ________, and ________ could return the economy to potential output (Y*).
A. an expansionary gap; a decrease in autonomous expenditures of 4,000 B. a recessionary gap; an increase in autonomous expenditures of 1,000 C. a recessionary gap; an increase in autonomous expenditures of 4,000 D. an expansionary gap; a decrease in autonomous expenditures of 1,000
Who is not counted in the U.S. labor force?
A. a person working at least one hour for pay per week B. a full-time college student C. a 70-year-old person who supplements his Social Security payments by working eight hours each week at the minimum wage D. someone actively looking for a job E. a person working 15 hours a week or more, not for pay
Describe what happens to prices, quantities demanded, and quantities supplied when equilibrium is disturbed
What will be an ideal response?