The full-employment level of GDP is
A) endowments.
B) long-run aggregate demand.
C) long-run aggregate supply.
D) economic growth.
C
You might also like to view...
If either the supply or the demand curve in a goods market is very elastic, a per-unit tax will end up not raising very much revenue.
Answer the following statement true (T) or false (F)
Per capita real GDP is a questionable indicator of the state of the economy because it does not account for:
a. growth of national income. b. changes in inflation. c. income distribution. d. changes in the size of the population. e. changes in the level of output.
Suppose that your roommate is very untidy. Suppose she/he gets a $100 benefit from being messy but imposes a $200 cost on you. (Assume that there are no regulations against untidiness in your living quarters.) The Coase Theorem would suggest that an efficient solution can be reached where: a. you pay your roommate at least $100 but no more than $200 to clean up after her/himself b. you pay your
roommate at least $201 to clean up after her/himself. c. you continue to live with your untidy roommate until you are able to make other living arrangements elsewhere. d. your roommate pays you at least $100 to have you clean up after her/him.
Which of the following is not a reason people choose to depend on others for goods and services?
a. to improve their lives b. to allow them to enjoy a greater variety of goods and services c. to consume more of each good without working any more hours d. to allow people to produce outside their production possibilities frontiers