If the real GDP of a developed country doubles in 48 years, the average annual growth rate in real GDP must be _____
a. 1.5%
b. 3.5%
c. 0.67%
d. 0.012%
e. 24%
a
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According to the Keynesian model, the short-run aggregate supply (SRAS) curve is horizontal when
A) prices react to an aggregate demand shock but real Gross Domestic Product (GDP) does not. B) there are no unemployed resources and wages do not change when prices change. C) there are unemployed resources and prices do not fall when aggregate demand falls. D) real Gross Domestic Product (GDP) is at full capacity but prices are not flexible.
What are two ways that raising taxes on the rich can harm society?
What will be an ideal response?
If the minimum wage exceeds the equilibrium wage, then
A. there will be no unemployment. B. the minimum wage will not be binding. C. the quantity supplied of labor will exceed the quantity demanded. D. the quantity demanded of labor will exceed the quantity supplied.
Anything that has alternative uses has an opportunity cost and is, therefore, scarce.
a. true b. false