Identify the largest and smallest components of GDP
Consumption is the largest component of GDP, net exports are the smallest.
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Describe the pattern of growth rates in real GDP per hour worked in the United States since the early nineteenth century. Has output per hour worked consistently increased at the same rate? Explain
What will be an ideal response?
A takeover of one firm by another
A. ties up the nation’s capital wastefully. B. uses up the economy’s credit supply. C. reduces the value of the acquired firm. D. changes the ownership of the acquired firm.
In the long run,
a. the Phillips curve is upward sloping. b. the Phillips curve is downward sloping. c. monetary policy can influence the unemployment rate. d. monetary policy cannot influence the unemployment rate. e. the Phillips curve is horizontal.
People tend to spend more money the ______ the amount of credit available and the ____ the stock of liquid assets in the hands of consumers.
A. higher; higher B. lower; lower C. higher; lower D. lower; higher