Real GDP per capita
A. necessarily grows more rapidly than real GDP.
B. cannot grow more slowly than real GDP.
C. cannot grow more rapidly than real GDP.
D. can grow either more slowly or more rapidly than real GDP.
Answer: D
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A normal good is a good for which demand increases as the
a. income of demanders increases b. price of the good increases c. price of close substitutes decreases d. total number of consumers decreases e. supply of the good increases
An increase in the dollar price of the British pounds will:
A. Increase the pound price of dollars B. Decrease the pound price of dollars C. Leave the pound price of dollars unchanged D. Cause Britain's terms of trade with the United States to deteriorate
All economic activity in the underground economy represents the production of illegal goods and services
Indicate whether the statement is true or false
If the profit effect and misperception effect existed in both the short run and the long run, then SRAS is ____ and LRAS is ____
a. upward sloping; upward sloping b. upward sloping: vertical c. vertical; upward sloping d. vertical; vertical