Between 1982 and 2002, U.S. GDP per capita grew at an average rate of 5.5 percent per year
a. True
b. False
Indicate whether the statement is true or false
False
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Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
A good deal of iron ore is mined in Michigan's Upper Peninsula. What is the relationship between the demand for iron ore and the cost of mining operations in Michigan?
A) Changes in the demand for iron ore are caused directly by changes in the cost of iron mining. B) Changes in the costs of iron mining are caused by changes in the demand for iron ore. C) There is no significant relationship because the demand for iron ore is determined by many different people, while the cost of mining the ore is determined by business executives. D) Nobody knows.
Under a pure command system of government, decisions are made by:
a. firms. b. households. c. the central government. d. banks.
Which of the following is not a cost of inflation identified by economists?
a. menu costs associated with more frequent adjustment of prices b. confusion and inconvenience resulting from a changing value of the unit of account c. reduced price flexibility d. arbitrary redistributions of wealth associated with dollar-denominated debts