Exhibit 14-6 Aggregate supply curve
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In Exhibit 14-6, where the GDP = $1,200 billion,
A. everyone in the population over 16 years of age is working.
B. the economy has reached the full-employment level of real GDP.
C. GDP can increase to $1,100 billion without triggering an increase in the price level.
D. no further increases in the price level can generate more real GDP.
Answer: B
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A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases E) increases; does not change
The above figures show the market for gasoline. Which figure shows the effect of a nation-wide strike by municipal bus drivers, which causes more people to drive their cars to work?
A) Figure A B) Figure B C) Figure C D) Figure D
Considering the tax and transfer system in the United States, the poor receive
A) less in benefits than they pay in taxes, and so do the rich. B) more in benefits than they pay in taxes, and so do the rich. C) less in benefits than they pay in taxes, and the rich receive more in benefits than they pay in taxes. D) more in benefits than they pay in taxes, and the rich receive less in benefits than they pay in taxes.
Oil found underground in Texas is an example of:
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