Convergence refers to the movement of countries toward
a. the same levels of per capita output growth.
b. the same levels of per capita output.
c. a constant rate of output growth.
d. the same capital-to-labor ratios.
e. both b and d.
E
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Refer to the scenario above. Which of the following combinations will lie above Jack's production possibilities curve?
A) 2 paintings and 3 sculptures B) 5 sculptures only C) 10 paintings only D) 3 paintings and 5 sculptures
Total surplus:
A. can never be zero.
B. can never fall below zero.
C. is always above zero.
D. is less than the consumer surplus.
Which of the following will most likely increase aggregate demand?
a. a decrease in stock market prices b. a lower real interest rate c. a decrease in the expected inflation rate d. a decrease in real GDP
In response to the recession of 2008-2009, the United States
a. increased government spending as a share of the economy and enlarged the size of the budget deficit. b. reduced government spending as a share of the economy and shifted the budget toward a surplus. c. increased government spending as a share of the economy and shifted the budget toward a surplus. d. reduced government spending as a share of the economy and enlarged the size of the budget deficit.