Real standards of living can only go up with positive economic growth.
What will be an ideal response?
False
-Real standards of living can go up without any positive economic growth.
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Which of the following is true regarding government expenditures in the United States?
a. As a share of GDP, government expenditures were higher in 1950 than 2012. b. Government expenditures were more than 30 percent of GDP in 1930. c. Government expenditures as a share of GDP grew rapidly between 1930 and 1980. d. In 2012, government expenditures at all levels summed to approximately 10 percent of GDP.
Which of the following will most likely increase aggregate supply in the long run?
a. unfavorable weather conditions in agricultural areas b. an increase in the expected inflation rate c. higher real interest rates d. an increase in the rate of capital formation
If a construction boom leads to an increase in the price of lumber, how will the higher lumber prices influence the wood furniture market?
a. The demand for wood furniture will decline, and furniture prices will fall. b. There will be a shortage of wood furniture. c. There will be a surplus of wood furniture. d. The supply of wood furniture will decline, and furniture prices will increase.
Which of the following is a true statement?
a. GDP per capita does not account for the difference in the cost of living among nations. b. The LDC classification is of the questionable accuracy. c. All of the answers are correct. d. GDP per capita is affected by exchange rate changes. e. GDP per capita ignores the degree of income distribution.