When customers buy the exact amount of goods that producers are selling at a specific price, the __________ price exists.
A. market
B. equilibrium
C. unit
D. production
B. equilibrium
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Economists define “efficiency” as the absence of waste.
Answer the following statement true (T) or false (F)
Because of the productivity slowdown in the United States from the mid-1970s through the mid-1990s
A) the standard of living did not change. B) the standard of living increased in the United States. C) real GDP per capita grew more rapidly. D) real GDP per capita grew more slowly.
In the fourteenth century it is estimated that deaths resulting from the bubonic plague reduced the population by about a third. Assuming diminishing returns, the decrease in population should have
a. increased productivity and real GDP per person. b. increased productivity but decreased real GDP per person. c. increased real GDP per person, but decreased productivity. d. decreased productivity and real GDP per person.
What is the essence of the problem of timeliness with fiscal policy?
A. Often there is not enough time to spend all of the money that fiscal policies have authorized. B. If fiscal policy is enacted too quickly, it might not be very well thought out. C. In order for fiscal policy to have an impact and prevent a recession, it needs to happen very quickly. D. The government's budget calendar is very strict and fiscal policy can only be done at certain times in the year.