If the current unemployment rate is equal to the natural unemployment rate, then current Real GDP is
A) greater than Natural Real GDP.
B) equal to Natural Real GDP.
C) equal to the Real GDP produced at full employment.
D) less than Natural Real GDP.
E) b and c
E
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According to this Application, current spending on federal retirement and health programs accounts for 10 percent of GDP. Experts estimate that this spending component's share of GDP ________ by the year 2075
A) will more than double B) will remain constant C) will grow moderately initially then taper off D) is likely to shrink
When existing firms leave a perfectly competitive market, it causes:
A) an increase in the profitability of existing firms. B) a decrease in the profitability of existing firms. C) a right shift in the demand curve of the good being produced by the firms. D) a left shift in the demand curve of the good being produced by the firms.
Refer to the above figures. Which of the panels would be consistent with the situation in which external costs exist?
A) Panel 1 B) Panel 2 C) Panels 1 and 2 D) neither panel
Which of the following is a difference between real GDP per capita and real GDP per worker hour?
a. Real GDP per capita is the dollar value of output produced by an average worker in one hour, while real GDP per worker hour is the number of available goods and services per person. b. Real GDP per capita is the ratio of real GDP to population, while real GDP per worker hour is the ratio of GDP to the number of hours worked. c. Real GDP per capita is the difference between real GDP and population, while real GDP per worker hour is the difference between real GDP and the number of hours worked. d. Real GDP per capita increases with an increase in population, while real GDP per worker hour decreases with an increase in population.