Slowdonia's current growth rate of real GDP per person is 1 percent a year. Approximately how long will it take to double real GDP per person?
A) 10 years
B) 35 years
C) 70 years
D) 100 years
C
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What is the economic criterion most often used to compare living standards across countries?
a. Real GDP growth. b. Unemployment rate. c. Incidence of AIDS. d. Rate of population growth. e. Real per capita GDP.
Imagine an economy that does not have international trade and is initially in equilibrium. Later the government increases the level of spending by $350 million because it received a gift from abroad. In this economy, only 65 cents of every dollar is spent, and the rest is saved. Calculate the value of the spending multiplier for this economy
a. 2.86 b. 0.286 c. 1.54 d. 0.154 e. 0.35
An increase in _____ will shift the SRAS curve
Fill in the blank(s) with the appropriate word(s).
After a firm makes both short and long run adjustments in its production plan following a reduction in the wage,
A. the marginal product of labor will be higher. B. the marginal product of labor will be lower. C. the marginal product of capital will be unchanged. D. the marginal product of capital may be higher or lower depending on the degree of substitutability between capital and labor. E. (a) and (c) F. (a) and (d) G. (b) and (c) H. (b) and (d)