Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500Real GDP per capita ________ between 2009 and 2010.
A. decreases
B. remains constant
C. increases
D. cannot be calculated
Answer: C
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
We distinguish between the long-run aggregate supply curve and the short-run aggregate supply curve. In the long run
A) technology is fixed but it is not in the short run. B) the price level is constant but in the short run it fluctuates. C) the aggregate supply curve is horizontal while in the short run it is upward sloping. D) real GDP equals potential GDP.
Education
A) does not really add to one's human capital. B) does not really affect one's income. C) is a major factor affecting one's income. D) explains all the differences in male-female incomes.
The Northwest Land Ordinance of 1785 provided for western lands to be divided into townships, each of which covered
a. 100 acres. b. all of the land between any two identifiable natural objects, such as streams, trees or rocks. c. enough land to support 10 families. d. 36 square miles.