Other things equal, if a full-employment economy reallocated a substantial quantity of its resources to capital goods, we would expect:
A. labor productivity to rise.
B. present consumption to rise.
C. a lower rate of growth of real GDP.
D. future consumption to fall.
Answer: A
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PPP-adjustment involves:
A. recalculating a variable like GDP per capita so we can compare someone's standard of living across countries. B. a method very similar to adjusting to cost-of-living increases using a price index like the CPI. C. recalculating economic statistics to account for differences in price levels across countries. D. All of these statements are true.
The "Green Dot Program" is
a. an international law to reduce plastics in packaging b. a private plan in Germany for collection and recycling of packaging c. a waste management plan operated by the German government d. a model waste program because of its low start-up and operating costs
The three fundamental economic questions of what, how, and for whom:
A) exist because of scarcity. B) are much more serious in a socialist system. C) are not serious in a capitalistic system. D) are not relevant in the industrialized world of today.
A wage decrease will _________ per-unit production costs and shift the aggregate supply curve to the _______
Fill in the blank(s) with the appropriate word(s).