GDP in a country grew from $10 billion to $14 billion over the span of 5 years. The average annual growth rate of GDP was
A) 4%. B) 7%. C) 10%. D) 40%.
B
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The substitution effect of a decrease in the wage will
A) decrease leisure, regardless of whether leisure is a normal or inferior good. B) increase leisure, regardless of whether leisure is a normal or inferior good. C) increase leisure only if leisure is a normal good. D) decrease leisure only if leisure is a normal good.
The production function shows the relationship between the price and the quantity of a good
a. True b. False Indicate whether the statement is true or false
Figure 4-16
Assume that Figure 4-16 shows the supply of orange juice. A decrease in the wage rate paid to workers in the orange juice industry will shift supply from
a.
S1 to S2.
b.
S2 to S1.
c.
S3 to S2.
d.
S3 to S1.
The NAIRU is a key indicator of how
A. much the economy can slow down without a recession. B. much structural unemployment the economy can sustain. C. unemployment trends occur. D. much faster the economy can grow without pushing up inflation.