Most macroeconomic variables that measure some type of income, spending, or production fluctuate very separately from each other.
a. true
b. false
Answer: b. false
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The economy is in a recession. The government enacts a policy to increase purchases by $2 billion. The MPC is 0.8. What would be the full increase in real GDP from the change in government purchases at a given price level?
A. $16 billion B. $10 billion C. $6 billion D. $8 billion
If the good in the above figure is a normal good and income rises, then the new equilibrium quantity
A) is less than 300 units. B) is 300 units. C) is more than 300 units. D) could be less than, equal to, or more than 300 units.
A nation has a population of 300 million people. Of these, 80 million are retired, in the military, in institutions, or under 16 years old. There are 210 million who are employed and 10 million who are unemployed. What is the unemployment rate?
a. 3.6 percent b. 3.3 percent c. 4.5 percent d. 5.2 percent
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.