According to the data in the table above,
A) the standard of living worsened between year 1 and year 2.
B) the standard of living improved between year 1 and year 2.
C) real GDP grew more slowly than population between year 1 and year 2.
D) as measured by real GDP per person, the standard of living remained the same between year 1 and year 2.
E) real GDP grew more rapidly than population between year 1 and year 2.
D
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A classical objection to Keynesian sticky price models is that
A) it is easier for firms to change prices rather than change output. B) it is cheaper for firms to change output rather than change prices. C) sticky price models are internally inconsistent. D) real shocks are more important than nominal shocks.
Expansionary and contractionary gaps are automatically eliminated by shifts in aggregate demand
a. True b. False Indicate whether the statement is true or false
Workers who organize to bargain collectively for wages and working conditions form a
a. joint council b. labor cartel c. labor federation d. collective e. labor union
Government subsidies for education are motivated by
A. concerns over disease. B. concerns over creating jobs for teachers. C. concerns over equity. D. concerns over choice.