Use the following information to answer the next question.C = A + .75(Y - T)A = $900I = $600G = $400T = $400NX = -$200At the equilibrium level of real GDP, what is the level of consumption?
A. $900
B. $2,000
C. $4,800
D. $3,600
Answer: C
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If real GDP per person in a country equals $40,000 and 60 percent of the population is employed, then average labor productivity equals:
A. $66,667. B. $40,000. C. $60,000. D. $24,000.
Allocative efficiency occurs when it is
A) possible to produce more of one good without giving up the production of some other good. B) possible to produce more of all goods. C) not possible to produce more of one good without giving up the production of some other good that is valued less highly. D) not possible to produce more of one good without giving up the production of some other good that is valued more highly.
The rate of homeschooling is higher _____
a. when the mother is uneducated b. where regulations on homeschooling are onerous c. in affluent and homogenous areas d. in areas where school quality is low relative to homeschooling
A decrease in the excess reserves banks want to hold, together with people taking currency out of their demand deposit accounts, would: a. increase the money supply
b. decrease the money supply. c. leave the money supply unchanged. d. have an indeterminate effect on the money supply.