Real estate in San Francisco that sold for $16 before gold was discovered in California was valued at $4,500 eighteen months later, as a result of the gold rush
Indicate whether the statement is true or false
False
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
In monopolistic competition, profit is maximized when the amount produced is such that
A) marginal revenue equals marginal cost. B) marginal revenue is greater than marginal cost. C) total revenue equals total cost. D) total revenue is maximized.
Which of the following is a valid concern about federal budget deficits?
A. The welfare of future generations will be directly related to the per-capita size of the national debt that they inherit. B. Growth of the national debt will eventually lead to the bankruptcy of the government. C. When the debt comes due, future generations may be unable to pay it off. D. If the increases in the national debt reduce private expenditures on capital formation, aggregate demand is reduced.
Depreciation is
A. added to national income to get GDP. B. subtracted from national income to get GDP. C. added to GNP to get NNP. D. subtracted from GNP to get NNP.