Real GDP per person equals average labor productivity:
A. times one minus the unemployment rate.
B. times the share of population employed.
C. times the labor force participation rate.
D. minus the share of population employed.
Answer: B
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If the price of a good rises, supply will
A. increase. B. decrease. C. not change. D. the answer depends upon the demand in the market.
If the marginal propensity to consume (MPC) is 0.90, the value of the spending multiplier is 90
a. True b. False Indicate whether the statement is true or false
The marginal revenue curve of a monopolistically competitive firm will always lie:
A. below the firm's demand curve. B. parallel to the firm's demand curve. C. parallel to the firm's quantity axis. D. above the firm's demand curve.
The real rate of interest is the
A. current rate which the government pays on its debt. B. current rate actually paid by the borrower. C. difference between the bank's lending and savings rates. D. nominal rate of interest minus the anticipated rate of inflation.