Over the past century in the United States, real GDP per person has grown, on average, by about
a. 1 percent per year.
b. 2 percent per year.
c. 3 percent per year.
d. 5 percent per year.
b
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The South suffered from a labor shortage immediately after the Civil War (1861–1865) mostly because
(a) freed slaves worked fewer hours. (b) freed slaves moved North. (c) Southern agriculture became mechanized. (d) Southern industry attracted workers away from agriculture.
A higher real interest rate ________ saving and ________ consumption spending.
A. increases; decreases B. increases; increases C. does not change; does not change D. decreases; increases
If part of the labor force is unemployed, the foregone goods and services are
a. lost until the unemployed find jobs. b. are replaced by unemployment insurance. c. are lost forever. d. are replaced by an equal amount of imports.
Consider the market for capital equipment. Suppose the price of firms' output increases. Holding all else constant, the equilibrium rental price of capital equipment will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium rental price of capital equipment.