Economists probably agree more often than they disagree.
Answer the following statement true (T) or false (F)
True
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In Figure 4-6 above, suppose we are initially at point 2. A reduction in government spending causes income to change by ________ and the interest rate to change by ________ than would be the case in the Chapter 3 model
A) more, more B) more, less C) less, more D) less, less
Labor productivity refers to the quantity of goods and services that can be produced
A) by the entire labor force. B) by one worker or one hour of work. C) in the entire economy in one year. D) by all employed workers.
Figure 9-4
?
In Figure 9-4, if the economy is in a recessionary gap, what must happen to reach potential GDP?
A. The expenditure level must fall and/or the price level must rise. B. The expenditure level must rise and/or the price level must fall. C. The expenditure level must rise and/or the price level must rise. D. The expenditure level must fall and/or the price level must fall.
Which of the following is true of per capita GDP and GDP per hour worked?
a. Per capita GDP is smaller than GDP per hour worked b. Per capita GDP is larger than GDP per hour worked. c. Per capita GDP is a common measure of estimating U.S. productivity in business sectors. d. GDP per hour worked shows the average quantity of available goods and services per person.