The shortage that results from rent control will be smaller
A. in the short run.
B. in the long run.
C. when demand is more inelastic.
D. B) and C)
Answer: D
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Average consumption in an economy is best measured by ________, while average productivity in an economy is best measured by ________.
A. output per worker; output per person B. output per worker; total output C. total output; output per worker D. output per person; output per worker
The United States imports shoes from third world countries. This means that if the U.S. economy were closed, the domestic price of goods would be ________ the world price of shoes.
A. greater than B. close to C. less than D. equal to
The size of the spending multiplier depends on the level of real GDP
a. True b. False Indicate whether the statement is true or false
The demand for labor is a derived demand because:
A. the income workers earn adds to the demand for output. B. many workers are self-employed. C. the demand for output comes from the demand for labor. D. the demand for labor comes from the demand for output.