Long-term growth is measured by
A. looking at real GDP over at least 5 or 10 years.
B. looking at per capita GDP over at least one year.
C. looking at GDP compared to real GDP.
D. looking at real GDP over at least one year.
Answer: A
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Real-wage rigidity in the Keynesian efficiency wage diagram of the labor market is depicted by
A) a vertical labor supply curve at the efficient level of employment, B) a vertical labor demand curve at the efficient level of employment. C) a horizontal line at the efficiency wage. D) a steep, positively sloped labor supply curve depicting various efficiency wages at various employment levels.
Currently, if inflation is 2 percent and the goods inflation target is 2.5 percent, policymakers:
A. congratulate themselves for coming in under their target. B. are indifferent because they don't have an inflation target. C. are indifferent because they are more interested in asset inflation. D. are unhappy because they have come in under their target.
The essential logic behind international trade is not different from that underlying trade among different states. Why, then, do we study international trade as a special subject?
What will be an ideal response?
Figure 16.1A firm that generates pollution is illustrated in Figure 16.1. If the government imposes a pollution tax equal to P3, the firm's abatement choice will be:
A. A1. B. A2. C. A3. D. less than A1.