Which of the following is most characteristic of developing nations?
A. A small percentage of the labor force in agriculture
B. A relatively equitable distribution of income
C. Low levels of labor productivity
D. Low rates of population growth
C. Low levels of labor productivity
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The steeper the short-run aggregate supply curve over the relevant range, the more contractionary monetary policy will reduce prices and the less it will decrease real output
a. True b. False Indicate whether the statement is true or false
Under perfect competition, the price of a depletable resource whose cost of extraction is not changing must rise at
A. the same rate as the increase in GDP. B. the same rate as the increase in consumer prices. C. the same rate as the rate of interest. D. a rate higher than the increase in the rate of interest.
Which of the following jewelry stores names would most likely convey very high quality products?
a. Main Street Jewelry b. Tiffany’s c. Discount Gems d. Bill’s Baubles