The total amount of income in a society is independent of how income is distributed.
Answer the following statement true (T) or false (F)
False
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Explain the combined effects of these events on U.S. real GDP and the price level, starting from a position of long-run equilibrium
What will be an ideal response?
As the best measure of the size of economic fluctuations associated with a business cycle, economists typically use
A) real GDP. B) the deviation of real GDP from potential GDP. C) potential GDP. D) the deviation of real GDP from nominal GDP.
If the profit effect and misperception effect existed in both the short run and the long run, then SRAS is ____ and LRAS is ____
a. upward sloping; upward sloping b. upward sloping: vertical c. vertical; upward sloping d. vertical; vertical
The bonds held in the Social Security Trust Fund
a. are a valuable asset of the federal government. b. will generate a future stream of net income for the federal government. c. are an IOU from one government agency (the U.S. Treasury) to another (the Social Security Administration). d. are necessary to provide retirement benefits for future retirees.