Real GDP refers to:
a) the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income.
b) GDP data that embody changes in the price level, but not changes in physical output.
c) GDP data that reflect changes in both physical output and the price level.
d) GDP data that have been adjusted for changes in the price level.
d) GDP data that have been adjusted for changes in the price level.
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The amount of profit necessary to keep the entrepreneur operating is known as
a. normal profit. b. economic profit. c. variable profit. d. explicit profit.
Some economists believe that policy makers should avoid stabilization policy because
a. lags make the policy impact unpredictable. b. no tax cut ever stimulated demand. c. stabilization policies are rarely signed into law. d. it never works.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.
The longer a worker is unemployed, the probability of finding a job
A. rises. B. declines. C. becomes close to zero. D. is unaffected.