To pay for WW I, the national debt was expanded from ___ percent of GDP at the beginning of the war to ___ percent of GDP by the end of the war
a. 1; 5
b. 2; 13
c. 3; 32
d. The national debt did not expand due to reparations payments.
c. 3; 32
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Theory suggests that minimum-wage laws create ________ unemployment, especially among younger workers
A) frictional B) cyclical C) structural D) under-reported
Explain the differences between asymmetric information, adverse selection, and moral hazard
What will be an ideal response?
In an increasing-cost industry, expansion of output
A) causes input prices to rise as demand for them grows. B) leaves input prices constant as input demand grows. C) causes economies of scale to occur. D) occurs under conditions of increasing returns to scale. E) occurs without diminishing marginal product.
A $500 increase in investment will shift the aggregate expenditures curve up by:
a. exactly $500 and will increase the equilibrium level of real GDP by exactly $500. b. exactly $500 and will increase the equilibrium level of real GDP by less than $500. c. exactly $500 and will increase the equilibrium level of real GDP by more than $500. d. more than $500 and will increase the equilibrium level of real GDP by more than $500. e. less than $500 and will increase the equilibrium level of real GDP by less than $500.