Which of the following correctly ranks the amounts from largest to smallest?
A. total output, output per person, average labor productivity
B. output per person, total output, average labor productivity
C. total output, average labor productivity, output per person
D. average labor productivity, output per person, total output
Answer: C
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Spot market is to futures market as
A) rice is to beans. B) today is to tomorrow. C) squares are to circles. D) quarters are to dollars.
Suppose the economy is on the intermediate range of the aggregate supply curve. Which of the following would reduce both real GDP and the price level?
a. A decrease in aggregate supply. b. An increase in aggregate supply. c. A decrease in aggregate demand. d. An increase in aggregate demand.
When the economy enters a recession, automatic stabilizers create:
a. more discretionary spending. b. higher taxes. c. budget deficits. d. budget surpluses.
________ is an industry market structure with many firms each able to differentiate their products.
A. Monopolistic competition B. Perfect competition C. A monopoly D. An oligopoly