Use the following figure to answer the next question.
A shift from AS1 to AS2 would be consistent with what economic event in U.S. history?
A. Demand-pull inflation in the late 1960s
B. Cost-push inflation in the mid-1970s
C. Great Recession in 2007-2009
D. Full-employment in the late 1990s
Answer: B
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"Brain-drain" refers to the:
A. Relatively low levels of human capital in low-income countries B. Impact of migration on human capital levels in high-income countries C. Emigration of highly educated workers to higher income countries D. Inability of workers in low-income countries to achieve the levels of human capital possessed by workers in high-income countries.
Real GDP per person in Richland is $20,000, while real GDP per person in Poorland is $10,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's real GDP per person is growing at 2 percent per year. After 50 years, real GDP per person in Richland minus real GDP in Poorland is:
A. positive and greater than $10,000. B. zero. C. positive but less than $10,000. D. negative.
If planned investment increases by $30 billion and, as a result, national output increases by $60 billion, the value of the multiplier is
a. 5. b. 4. c. 2. d. 1/2.
Which of the following would not be included as part of personal income?
a. Welfare benefits b. Food stamps distributed by the government c. Social security benefits d. Indirect business taxes e. Corporate dividend payments to stockholders