The circular flow shows that GDP measures
i. total income.
ii. total expenditures.
iii. price changes.
A) i only
B) ii only
C) iii only
D) i and ii
E) i, ii, and iii
D
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If Country A's real GDP grows at a rate of 14 percent per year, about how many years will it take for Country A's real GDP to double?
A) 10 B) 7 C) 5 D) 30 E) 14
What is a private benefit from consumption? What is a social benefit from consumption? When is the private benefit from consumption equal to the social benefit from consumption?
What will be an ideal response?
Before the Great Depression, macroeconomic theory was dominated by the ________ approach that presumed the essential ________ of the private economy
A) Keynesian, stability B) Keynesian, instability C) old classical, stability D) old classical, instability
The kinked demand curve exists because consumers make erratic decisions
Indicate whether the statement is true or false