In which of the following countries did real GDP per person fall by about 13% from 2000 to 2014?
a. India
b. Singapore
c. Zimbabwe
d. None of the above are correct.
c
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Suppose the economy is producing below potential GDP and the Federal Reserve implements the appropriate change in monetary policy, but not until after the economy has started to recover from the recession. In this situation there is a real danger that
A) the Fed's expansionary policy will result in too small of an increase in GDP. B) the Fed's expansionary policy will result in too large of an increase in GDP. C) the Fed's contractionary policy will result in too large of a decrease in GDP. D) the Fed's contractionary policy will result in too small of a decrease in GDP.
Which of the following statements is correct about a market in which pollution is emitted?
a. Both corrective taxes and pollution permits move the market toward the social optimum. b. Corrective taxes move the market toward the social optimum, but pollution permits do not move the market toward the social optimum. c. Pollution permits move the market toward the social optimum, but corrective taxes do not move the market toward the social optimum. d. Neither corrective taxes nor pollution permits move the market toward the social optimum.
Which of the following items is not a factor of production?
a. labor b. land c. capital d. money
The simple Keynesian model assumes that
A. gross private domestic investment exceeds net investment by the capital consumption allowance. B. aggregate demand will always equal aggregate supply. C. there will never be any excess capacity in the short run. D. prices, especially the price of wages, are "sticky downward."