Real economic growth during the first two years of President George W. Bush's second term was
A. negative because of the 2001 recession.
B. lower than real economic growth during the first two years of President Bill Clinton's second term.
C. approximately 6.4% per year.
D. approximately 8.7% per year.
Answer: B
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The marginal product of an input is
A) total product divided by the amount of the input used to produce this amount of output. B) the addition to total output that adds nothing to total revenue. C) the addition to total output that adds nothing to profit. D) the addition to total output due to the addition of one unit of all other inputs. E) the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
According to the text, which of the following is a macroeconomic outcome?
A. Internal market forces B. Policy levers C. International balance D. Population growth
Given the following information, aggregate income equals:Profits$700Rent$400Compensation to employees$2,500Interest$300Taxes$1,000Transfer payments$500
A. $3,400. B. $3,900. C. $2,900. D. $4,400.
Real business cycle theory explains variations in prices, employment, and real Gross Domestic Product (GDP) by focusing on
A. changes in real variables such as supply shocks, technological changes, and shifts in the composition of the labor force. B. the effects of the Phillips curve. C. anticipated monetary policies enacted by the Fed. D. anticipated changes in fiscal policy enacted by the government.