Since 1870, U.S. labor productivity growth has averaged roughly 2.1 percent annually
a. True
b. False
Indicate whether the statement is true or false
True
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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
Refer to the above figure. Which point or points represent(s) a long-run equilibrium?
A) A only B) B only C) C only D) both A and B
To say that "supply increases" for any reason, means there is a
A) movement rightward along a supply curve. B) movement leftward along a supply curve. C) shift rightward in the supply curve. D) shift leftward in the supply curve.
Of the following Asian countries, which has the lowest level of real GDP per person?
A) China B) Korea C) Singapore D) Hong Kong