As of 2015, per capita GDP in the United States was approximately
A. $37,000.
B. $26,000.
C. $56,000.
D. None of the choices are correct.
Answer: C
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Because shifts in aggregate demand are not viewed as being particularly important to aggregate output fluctuations, they do not see much need for activist policy to eliminate high unemployment. "They" refers to proponents of
A) the natural rate hypothesis. B) monetarism. C) the Phillips curve model. D) real business cycle theory.
Refer to the accompanying figure. For the nation whose PPC is shown, it must be true that:
A. the nation's productive resources are better-suited to making milk than to making movies. B. some of the nation's productive resources are better-suited to making milk, and some are better-suited to making movies. C. the nation's productive resources are better-suited to making movies than to making milk. D. the nation has a comparative advantage in making milk.
The demand for a product is likely to be more elastic:
A. the smaller the share of the total budget spent on the product. B. when more complementary products are available. C. in the short run than in the long run. D. when more good substitutes for the product are available.
A decline in the price of resource A will:
A. increase the demand for complementary resource B. B. shift the demand curve for A to the left. C. shift the demand curve for A to the right. D. reduce the demand for complementary resource B.