Between 1950 and 2015 the productivity of wheat farmers in the United States more than doubled. This means that
A) the total amount of wheat produced more than doubled.
B) the amount of land and other resources devoted to wheat production more than doubled.
C) the amount of wheat produced by the average farmer more than doubled.
D) the incomes of wheat farmers more than doubled.
C
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If the economy is in a recession, the inflation rate is ________ it would be at potential GDP. Other things equal, if the government implemented an expansionary fiscal policy, the inflation rate would ________
A) greater than; remain constant B) greater than; decrease C) less than; increase D) less than; remain constant
How will an increase in price tend to affect demand?
a. Demand will increase. b. Demand will decrease. c. Demand will not change. d. Uncertain.
An economy that is producing a gross domestic product worth $100 million but is capable of producing an output worth $150 million at full-employment equilibrium would have a(n): a. recessionary gap of $50 million
b. expansionary gap of $100 million. c. recessionary gap of $150 million. d. expansionary gap of $250 million.
Which of the following represents a transfer payment?
a. You transfer $1,000 from your bank account to a mutual fund. b. The government sends your grandfather his Social Security check. c. You make a payment to get legal documents showing you purchased a previously owned home. d. Your employer automatically transfers $100 each month from your wages to a non-taxable medical spending account.