One of the factors causing the shrinking gap between rich and poor countries is
A. learning by poor countries.
B. increasing resource discoveries.
C. increasing populations in poor countries.
D. transfers of income from rich countries.
Answer: A
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Refer to Figure 4-8. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month for apartments. What is the value of producer surplus after the imposition of the price floor?
A) $40,000 B) $240,000 C) $270,000 D) $290,000
A government spending and taxation policy to create full employment without inflation is known as
a. closing an inflationary gap b. fiscal policy c. closing a recessionary gap d. a balanced budget e. a balanced budget multiplier
Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50What is the value added of Fulton Family Farm?
A. $2.50 B. $0.50 C. $1.50 D. $0.00