Countries with high real GDP tend to have ________ infant mortality rates and ________ literacy rates than countries with low real GDP.
A. lower; lower
B. lower; higher
C. higher; higher
D. higher; lower
Answer: B
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Contractionary policies are government policies that
A) decrease aggregate supply. B) increase aggregate supply. C) increase aggregate demand. D) decrease aggregate demand.
Using the data in the above table, if the price of an hour of labor is $10 and the price of a unit of capital is $20, then the most economically efficient technique for producing 100 sweaters is
A) A. B) B. C) C. D) D.
Producer surplus is always the total area below the price and above the supply curve
a. True b. False Indicate whether the statement is true or false
The microeconomic view of the expectations of inflation are based on the assumption that
A. individuals are rational, forward-looking people. B. people always assume that inflation will be zero. C. individuals will merely guess at what the inflation rate will be. D. individuals are highly sophisticated in their economic thinking.