Is it possible to see gains in a nation's real standard of living without any positive economic growth?
A. Yes, if workers can produce the same level of output in fewer work hours, so that more leisure time could push up the real standard of living.
B. No, a nation's standard of living cannot improve without economic growth.
C. Yes, but only if the government prints more money so people feel rich.
D. None of these: Economic growth has nothing to do with a nation's standard of living.
Answer: A
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A "long-run exploitable Phillips curve" refers to a Phillips curve that in the long run is ________ rather than ________
A) downward sloping; vertical B) vertical; horizontal C) horizontal; upward sloping D) upward sloping; vertical
If the British pound appreciates from $0.50 per pound to $0.75 per pound, the U.S. dollar depreciates from ________ per dollar to ________ per dollar
A) £2; £2.5 B) £2; £1.33 C) £2; £1.5 D) £2; £1.25
Based on the table "Real and Nominal GDP," if year one is the base year, then the real GDP in year two, is ________
A) 5000 B) 5250 C) 5900 D) 6175 E) none of the above
In the graph showing the data for the short-run and long-run Phillips curve from 1961–1973, we can see that, in the early 1970s, ______.
a. the inflation rate remained high, but the unemployment rate remained low
b. the unemployment rate remained high, but the inflation rate remained low
c. both the unemployment and inflation rates were relatively low
d. both the unemployment and inflation rates were relatively high