International data suggests that
a. convergence is not taking place.
b. convergence is taking place among poor countries but not among rich countries.
c. convergence is taking place among all countries.
d. convergence is taking place among rich countries but not among poor countries.
D
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To find aggregate planned expenditures, which of the following must be added to consumption expenditure?
i. net exports ii. investment iii. government expenditure on goods and services A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
Refer to the following graph. The principle of diminishing returns is illustrated by the
a. upward sloping portion of the MP curve.
b. downward sloping portion of the MP curve.
c. upward sloping portion of the AP curve.
d. downward sloping portion of the AP curve.
Opponents of income redistribution argue that
A. redistribution violates the proposition that "one is entitled to the fruits of one's efforts." B. property income is less just than labor income and thus redistribution of that income is justified. C. redistribution encourages too much competition. D. Both A and C are correct.
In the long run in the Keynesian model, a beneficial supply shock would leave the economy with a higher level of output, but also a ________ real interest rate and a ________ price level.
A. higher; lower B. lower; higher C. lower; lower D. higher; higher