In the short run,
a. the labor market is always in equilibrium
b. actual output can deviate from potential output
c. crowding out is always complete
d. total output is independent of spending
e. spending is independent of total income
B
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During which of the following decades has the output ratio been staying closest to zero?
A) 1960s B) 1970s C) 1980s D) 1990s
The principles of economics cannot explain which of the following:
A. Why people choose to work or go to college. B. Why a country might prosper. C. How the value of money changes over time. D. How the temperature index is measured.
Which of the following countries consistently had trade surpluses with Great Britain from 1858 to 1947?
a. Pakistan b. India c. Canada d. Zimbabwe
Figure 10-2
At which point in is the economy at long-run equilibrium?
a.
J
b.
F
c.
G
d.
H