Which of the following groups agree that the government can take steps to reduce both the unemployment rate and the inflation rate (although they disagree on what those steps ought to be)?
a. Keynesians and supply-siders
b. Keynesians and neo-Keynesians
c. Keynesians and rational expectations economists
d. neo-Keynesians and rational expectations economists
e. classical economists, neo-Keynesians, and rational expectations economists
A
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Consider two countries: A and B. In country A, the annual growth rate of GDP per capita is 2%, while in country B the annual growth rate of GDP per capita is 6%. At present, country B's GDP per capita is higher than country A's GDP per capita
Which of the following statements will then be true? A) The gap between country A's GDP per capita and country B's GDP per capita will decrease for the first few years and then will increase later. B) The gap between country A's GDP per capita and country B's per capita will decrease over time. C) The gap between country A's GDP per capita and country B's per capita will widen over time. D) The gap between country A's GDP per capita and country B's per capita will remain the same.
An industry with a large number of firms, differentiated products, and free entry and exit is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly. E) monopolistic oligopoly.
The U-pick berry market is perfectly competitive. Suppose that all U-pick blueberry farms have the same cost curves and all are making an economic profit. What happens as time passes? What is the long-run equilibrium outcome?
What will be an ideal response?
Next period's capital is equal to current-period investment
A) plus the amount of current capital left over after depreciation. B) minus the amount of current capital left over after depreciation. C) plus the amount of current period depreciation. D) minus the amount of current period depreciation.