From 1900 to 1960, Latin America's real GDP grew
A) slower than Europe, Asia, and the U.S.
B) as fast or faster than Europe, Asia, and the U.S.
C) faster than Europe and the U.S. but slower than Asia.
D) faster than Asia, but slower than Europe and the U.S.
B
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Comment on the following statement: "The output effect and the factor substitution effectwork in opposite directions, so it is possible that a decrease in the wage rate can lead to a decrease in the amount of labor hired."
What will be an ideal response?
The gap that exists when equilibrium real GDP is greater than the level of real GDP shown by the position of the long-run aggregate supply curve is
A) the short-run aggregate supply curve. B) money illusion. C) a recessionary gap. D) an inflationary gap.
Which of the following conclusions is not supported by the Three-Sector-Model?
a. A decrease in borrowing causes the real risk-free interest rate to fall and equilibrium quantity of real loanable funds to fall. b. An increase in the supply of a nation's real loanable funds reduces the real risk-free interest rate and increases the equilibrium quantity of real loanable funds. c. An increase in a nation's demand for goods and services within the intermediate range results in an increase in the real GDP and a lower GDP Price Index. d. An increase in the value of a nation's currency encourages domestic imports and discourages exports. e. All of the above are supported by the Three-Sector Model.
Other things the same, when the price level rises, interest rates
a. rise, which means consumers will want to spend more on homebuilding. b. rise, which means consumers will want to spend less on homebuilding. c. fall, which means consumers will want to spend more on homebuilding. d. fall, which means consumers will want to spend less on homebuilding.