The secular trend growth rate is the:
A. difference between actual output and the average growth in the economy.
B. rate of growth in per capita output in any one year.
C. rate of growth in any one year.
D. rate of growth of potential output.
Answer: D
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If Ap is total autonomous planned spending, c is the marginal propensity to consume, s is the marginal propensity to save, and Y is the equilibrium income level, then
A) Ap/Y. B) Y = Ap/s. C) sY. D) cAp.
The above figure shows the isoquants for producing steel. Constant returns to scale are
A) present when producing less than 10,000 tons. B) present when producing between 10,000 and 20,000 tons. C) present when producing more than 20,000 tons. D) never present.
Assuming all other things equal, what would happen to the U.S. dollar real exchange rate under each of the following circumstances?
a. The U.S. nominal exchange rate depreciates. b. U.S. domestic prices increase. c. Prices in the rest of the world rise.
Consider a labor market in equilibrium. If the demand curve shifts to the right while the supply curve shifts to the left, then the wage rate in the market will:
A. increase. B. decrease. C. remain unchanged. D. either increase or decrease or remain unchanged.