On the 45-degree line diagram, for points that lie below the 45-degree line,
a. planned aggregate expenditure is greater than GDP.
b. planned aggregate expenditure is less than GDP.
c. planned aggregate expenditure is equal to GDP.
d. planned aggregate expenditure is less than aggregate income.
b. planned aggregate expenditure is less than GDP.
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Slowdonia's current growth rate of real GDP per person is 2 percent a year. How long will it take to double real GDP per person?
A) half a year B) approximately 10 years C) 28.6 years D) 35 years
Explain the difference between equality of opportunity and equality of results. Draw an analogy to a football game
What will be an ideal response?
To create a market
A) roles must be assigned. B) agents need instructions. C) property rights must be defined. D) transactions costs must be zero.
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.