Getting more output from a given amount of inputs is usually the result of increases in
a. the labor force.
b. technology.
c. the capital stock.
d. investment.
b
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In the RBC model, actual real GDP is
A) never equal to the natural real GDP. B) equal to the natural real GDP when P = Pe. C) equal to the natural real GDP when P is equal to or greater than Pe. D) always equal to the natural real GDP.
If income rises and a good is inferior, then demand for that good will decrease
a. True b. False
In a command economy, the basic economic questions are answered by:
a. central authority. b. individual buyers and sellers. c. the traditional methods. d. none of these.
When inflation expectations changed during the 1967-1971 period, this change led to
A) the short-run Phillips curve shifting upward. B) the short-run and the long-run Phillips curve both shifting upward. C) an increase in the natural unemployment rate. D) the long-run Phillips curve shifting leftward. E) the long-run Phillips curve shifting rightward.