The nations of the European Union currently number _____, since _____ joined in 2013.
A) 50; France and Germany
B) 28; Croatia
C) 150; Turkey and Greece
D) 13; Mexico and Canada
Answer: B) 28; Croatia
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If the MPC is 0.6 and if government purchases and net taxes both increase by $20 billion, by how much will equilibrium output change?
a. It will increase by $80 billion. b. It will increase by $20 billion. c. It will not change because the changes in government purchases and net taxes will cancel each other out. d. It will decrease by $20 billion. e. It will decrease by $80 billion.
Nominal GDP measures the value of goods and services using current-year prices.
Answer the following statement true (T) or false (F)
Population growth is more likely to contribute to economic growth when
A. economic freedom is present. B. technological progress is limited. C. the labor force participation rate does not increase. D. capital accumulation is limited.
Firms gain control over price in monopolistic competition by
A. differentiating their products. B. blocking entry of other firms into the industry. C. producing a product for which there are no close substitutes. D. colluding with other firms to set prices.