Over the long run, per capita incomes in different regions of the United States have
a. gradually diverged with the Northeastern region leading all other income groups.
b. gradually converged.
c. gradually converged until roughly 1985, and then diverged as the Western states outpaced other regions.
d. have converged, with the exception of the South.
b. gradually converged.
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The relationship between the price level and the quantity of real GDP supplied is
A. full employment output. B. inflationary or recessionary gap. C. aggregate supply. D. supply-side equilibrium.
A country would tend to experience currency depreciation relative to other countries if: a. the profitability of investments in other countries increases relative to that country
b. people in the foreign currency markets expect the value of the currency to fall in the near future. c. the foreign demand for its exports decreases. d. any of the above occurs.
Bucky and Satchel are offered identical jobs, each paying $80,000 per year. According to behavioral economics:
A. they should feel equally good about the job offer. B. how each will feel about the job offer will depend on their current positions and incomes. C. if Bucky's current income is $60,000 per year, and Satchel's is $70,000 per year, we would expect Bucky to receive twice as much additional utility from taking the job as Satchel would. D. if the jobs will not change their income, they are more likely to switch jobs than remain with the status quo.
Assuming that labor is the only variable input, if society values a good ________ it costs firms to hire the workers to produce that good, the good ________ be produced.
A. less than; will B. more than; will not C. equal to what; will not D. less than; will not