Compared to 1929, total output per person in the U.S. today is approximately ________ times larger.
A. 15
B. 2
C. 25
D. 5
Answer: D
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Over the past year, productivity grew 2%, capital grew 1%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.2 and 0.8, respectively, how much did output grow?
A) 1% B) 2% C) 3% D) 4%
Regulation Q put a ceiling on
A) bank loan rates. B) loan rates at all depository institutions. C) deposit rates. D) the proportion of a savings-and-loan's assets made up of loans other than mortgages.
The belief that the government can do absolutely nothing in either the short run or the long run to reduce the unemployment rate, because people will anticipate the government's actions and respond to it, is held by the
a. rational expectations school b. neo-Keynesian school c. classical school d. supply-side school e. Keynesian school
Answer the next question using the following budget information for a hypothetical economy. All data are in billions of dollars. Government SpendingTax RevenuesGDPYear 1$800$825$4,000Year 28508504,200Year 39008754,350Year 49509004,500Year 51,0009254,600In which year is there a balanced budget?
A. Year 1 B. Year 2 C. Year 3 D. Year 4