In Ansonia, real GDP increased by 9% and the population increased by 9% in 2018. In 2018, Ansonia experienced
A. economic growth, but not an increase in living standards.
B. economic growth and an increase in living standards.
C. no economic growth and no increase in living standards.
D. no economic growth, but an increase in living standards.
Answer: A
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When the Fed makes an open market purchase of government bonds, it does so with the intention of decreasing the money supply
Indicate whether the statement is true or false
In the figure above, the ________ gap is one trillion dollars. To close the gap, the government can ________ government expenditure and/or ________ taxes
A) recessionary; increase; decrease B) inflationary; decrease; increase C) inflationary; increase; increase D) recessionary; decrease; decrease E) recessionary; decrease; increase
Refer to above figure. In the absence of trade, what is the country's consumer surplus?
What will be an ideal response?
The smaller the MPC: a. the smaller the fraction of an increase in AD due to an increase in government purchases that is consumption. b. the greater the fraction of an increase in AD due to an increase in government purchases that is consumption. c. the greater the change in government purchases required to achieve a given change in AD
d. (a) and (c)