Graphically short-run equilibrium occurs at the intersection of the aggregate demand curve and the:
A. long-run aggregate supply line.
B. the aggregate expenditure line.
C. short-run aggregate supply line and the long-run aggregate supply line
D. short-run aggregate supply line.
Answer: D
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a. GDP fails to properly capture the effects of environmental pollution b. GDP appropriately accounts for natural resource depletion c. the international community does not support environmental accounting d. the guidelines outlined in the SEEA of 2003 are meaningless
"It is difficult to compare over time health care expenditures, costs, and output." Do you agree or disagree? Why?
What will be an ideal response?
Repeated hurricanes in Florida have caused some retirees to choose to retire to Arizona instead. Based on this information, retirement housing in Florida and that in Arizona are what kinds of goods?
A. Florida housing has become a luxury good, and Arizona housing had been an inferior good. B. Florida housing and Arizona housing are complementary goods. C. Florida housing has become an inferior good, and Arizona housing had been a luxury good. D. Florida housing and Arizona housing are substitutes.
Assume that empirical evidence shows a difference in mean earnings between two groups, say, majority and minority workers. What conclusion may be drawn?
a. The group with the lower earnings is being discriminated against. b. Any of the above statements could, either partially or entirely, explain this difference. c. The group with the lower earnings is less productive. d. The group with the lower earnings has less human capital.