"Economic growth" has occurred if
A) inflation rate between this year and last year is zero or less.
B) GDP this year exceeds the Real GDP this year.
C) unemployment rate this year is above the natural rate of unemployment.
D) Real GDP this year is greater than Real GDP last year.
D
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Long-run increases in living standards, as measured by real GDP per person, are primarily the result of increases in:
A. government budget surpluses. B. average labor productivity. C. the money supply. D. population.
Exchange rate changes are
A) not very volatile because of offsetting changes in demand and supply. B) very volatile because supply and demand changes reinforce each other. C) infrequent because the exchange rate rarely changes. D) not very volatile because of government intervention. E) very volatile because of government intervention in the market.
What is a production set?
The consumer price index (CPI) is a measure of inflation for
A) farmers. B) an elderly couple recently retired to Yuma, Arizona. C) Apple Computer. D) a typical consumer of the market basket used to calculate the index.