Over time, nations tend to converge to
A) the same balanced growth path and same income per capita.
B) the same balanced growth path but varying income per capita.
C) different balanced growth paths but the same income per capita.
D) different balanced growth paths because of varying income per capita.
D
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In 1933, net private domestic investment was negative $6.0 billion. This means that ________.
A. gross private domestic investment exceeded depreciation by $6.0 billion B. the production of 1933's GDP used up more capital goods than were produced in that year C. the economy was expanding in that year D. the economy produced no capital goods at all in 1933
Suppose in the market for labor that the labor supply curve is perfectly inelastic. This would mean that the supply curve is vertical. Furthermore, suppose that demand is normal and downward sloping. Your textbook has explained that unemployment taxes are paid entirely by the employer (demanders). Who actually pays the tax in the scenario described above?
What will be an ideal response?
Consumer surplus is the difference between:
a. what the consumer is willing to pay and what the consumer must actually pay to receive a good or service. b. the quantity of goods a consumer is willing to buy and the quantity of goods the consumer actually buys. c. what the producer is willing to receive and what the consumer must actually pay to receive a good or service. d. the quantity of goods a producer is willing to and the quantity of goods the consumer actually buys.
In order to fight high inflation the Fed should _______; in order to fight high unemployment the Fed should _______.
A. increase the growth rate of the money supply; increase the growth rate of the money supply B. decrease the growth rate of the money supply; increase the growth rate of the money supply C. increase the growth rate of the money supply; decrease the growth rate of the money supply D. decrease the growth rate of the money supply; decrease the growth rate of the money supply