The SRAS upward sloping shows an increase in P and G & S.
a. true
b. false
Ans: a. true
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John's reservation wage is $10 per hour. This means that
A) John will not supply labor in the market until he receives a wage of at least $10 per hour. B) John will supply labor in the market at a wage of $10 and lower. C) John will work 10 hours per day. D) John will decrease the hours he works when his wage rate exceeds $10 per hour.
The Social Security system is a pure income transfer program, financed on a pay-as-you-go basis
Indicate whether the statement is true or false
If you're interested in measuring changes in people's standards of living, the most appropriate measure to use is the growth in the nation's
a. nominal GDP b. real GDP c. capital-output ratio d. capital stock e. employment
If the price of inputs falls and the budget deficit rises due to an increase in government spending, then the:
a. Price index falls, and real GDP rises. b. Price index falls, and real GDP falls. c. Price index falls and the change in real GDP is uncertain. d. Price index is uncertain, and real GDP rises. e. Price index is uncertain, and real GDP falls.