In the above figure, real GDP at full employment is
A) $16 trillion.
B) $16.5 trillion.
C) more than $16 and less than $16.5 trillion.
D) None of the above answers is correct.
A
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In a demand-pull inflation, money wage rates rise because
A) a decrease in aggregate demand creates a labor shortage. B) an increase in aggregate demand creates a labor surplus. C) an increase in aggregate demand creates a labor shortage. D) a decrease in aggregate demand creates a labor surplus. E) an increase in aggregate supply creates a labor shortage.
A durable good is expected to last longer than
a. ten years b. twenty years c. one month d. one year e. five years
In which of the following countries did real GDP per person fall by about 13% from 2000 to 2014?
a. India b. Singapore c. Zimbabwe d. None of the above are correct.
Figure 3-21
Refer to . At the quantity Q2,
a.
the value to buyers and the cost to sellers are both P2.
b.
the value to buyers is P2 and the cost to sellers is P3.
c.
the value to buyers and the cost to sellers are both P3.
d.
the value to buyers is P3 and the cost to sellers is P2.