The new growth theory states that
A) it is impossible to replicate production activities.
B) technological advances are the result of discoveries and choices.
C) the subsistence level income leads to technological advances.
D) technological advances are the responsibility of the government.
E) technological advances are the result of random chance.
B
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When the unemployment rate _________ the natural unemployment rate, real GDP is _________ potential GDP and the output gap is _________
A. exceeds; below; negative B. is below; below; negative C. exceeds; above; positive D. is below; above; negative
The biggest contribution to real U.S. GDP growth in the 1970s was due to growth in
A) total factor productivity. B) the capital stock. C) the labor force. D) both the capital stock and the labor force.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90
The equilibrium price level and equilibrium level of real GDP occur at the intersection of the aggregate demand curve and the aggregate supply curve.
Answer the following statement true (T) or false (F)