Compared to the size of GDP in 2014, the net national debt was approximately
a. 10% as large.
b. 33% as large.
c. 60% as large.
d. about twice as large.
c
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An economy that does not trade with the rest of the world is known as a(n) ________ economy
A) command B) closed C) open D) communist
Emily is a writer. She buys pens and paper for $20 and writes a 500-page novel that she sells to a publishing company for $500,000. If the publisher prints 1 million copies that sell for $25 each, what is the contribution to GDP of Emily's novel?
A) $25 million B) $20 million C) $500,000 D) $50,000
If net exports decrease by 250 and the mpc is 0.75, equilibrium aggregate output
A) increases by 1000. B) increases by 750. C) decreases by 750. D) decreases by 1000.
Are jobs the key to economic progress and the achievement of high income levels?
a. Yes, as long as people are working, real income levels will be high. b. Yes, when full employment is present, income levels will be at their maximum. c. No, it is not just employment, but employment that expands production of goods and services that others value highly relative to cost. d. Uncertain, additional employment will increase real income only when the general level of prices is unchanged.