Because workers in the United States work fewer hours per week, on average, than they did over 100 years ago,
A) workers in the United States are worse off than they were over 100 years ago.
B) GDP is lower than it would be if U.S. workers worked the same workweek they had 100 years ago.
C) GDP is higher than it would be if U.S. workers worked the same workweek they had 100 years ago.
D) workers in the United States earn less income than they did over 100 years ago.
B
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In the long-run, money market equilibrium determines
A) the real interest rate. B) the value of money. C) real GDP. D) the nominal interest rate E) velocity.
Suppose that the value of the short-run absolute elasticity of demand for a good is 0.3. Then, we know the long-run absolute price elasticity of demand will be
A) 0. B) greater than 0.3. C) elastic. D) less than 0.3.
Which of the following is consistent with the circular flow of income?I.Goods and services flow in one direction.II.Payments and incomes flow in one direction.III.Sellers receive less than what buyers spend.
A. I only B. II only C. III only D. Both I and II
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C