Gross domestic product (GDP) equals the ________ of final ________ produced within a country during a given period of time.
A. market value; goods and services
B. quantity; goods and services
C. market value; goods
D. market value; services
Answer: A
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The impact of Hurricane Katrina on consumers in the economy was to make them very pessimistic about their future incomes. How does this increased pessimism affect the aggregate demand curve?
A) This will move the economy down along a stationary aggregate demand curve. B) This will shift the aggregate demand curve to the left. C) This will shift the aggregate demand curve to the right. D) This will move the economy up along a stationary aggregate demand curve.
Does this production function, q = 10L0.5K0.3, experience increasing, decreasing or constant returns to scale?
A) Decreasing because a 100% increase in inputs increases outputs by 80%. B) Increasing because an 80% increase in inputs increases outputs by 100%. C) Decreasing because 0.5 + 0.3 < 1. D) A and C.
If you are “between jobs,” you are considered to be
a. frictionally unemployed. b. seasonally unemployed. c. cyclically unemployed. d. structurally unemployed.
Suppose that fixed investment is $480 billion and (total) investment is $630 billion. What does inventory investment equal?
A. $150 billion B. $550 billion C. $630 billion D. $1,110 billion E. There is not enough information to answer this question.