Those in the poorest countries consume only half the calories of those in high income countries
Indicate whether the statement is true or false
true
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If the marginal propensity to consume (MPC) is 0.75, a $50 decrease in government spending, other things being equal, would cause equilibrium real GDP to:
a. increase by $50.
b. decrease by $50.
c. increase by $200.
d. decrease by $200.
If real GDP in a year was $3,668 billion and the price index was 112, then nominal GDP in that year was approximately:
A. $3,846 billion B. $3,925 billion C. $4,108 billion D. $4,379 billion
The Boskin Commission found that the CPI ______ the true inflation rate.
A. understates B. is independent of C. precisely measures D. overstates
The ability to produce a good using fewer resources than someone else is called
A) absolute advantage. B) comparative advantage. C) specialization. D) protectionism.