Use the following graph to answer the next question.
Which point is not on the perfectly competitive firm's short-run supply curve?
A. E
B. F
C. G
D. H
Answer: A
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Between 1994 and 2000 the poverty rate ____ and the number of people on welfare ______.
A. declined; declined B. rose; rose C. rose; declined D. declined; rose
The nominal tax rate is
A. Taxes paid divided by total economic income. B. Equal to the marginal tax rate. C. Taxes paid divided by taxable income. D. Lower than the effective tax rate.
If output increases by 5 percent and population growth is 3 percent, per capita output grows by about:
A. 8 percent. B. 3 percent. C. 2 percent. D. 5 percent.