With this utility function, the bundle (3,2) provides the same utility as the bundle:
a. (2, 3).
b. (2, 4).
c. (2, 5).
d. (3, 3).
b
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
When Mr. Peabody decides on the companies to which he will donate his time and money, a ________ issue is being addressed
A) microeconomic B) normative economic C) positive economic D) macroeconomic
There is a direct link between a nation's per capita real GDP and its:
a. c and e. b. c, d, and e. c. human capital investment. d. population. e. life expectancy.