Economic growth is measured by the percentage change in:
A. ?potential nominal GDP.
B. ?structural unemployment.
C. ?the rule of 72.
D. ? potential real GDP (LRAS).?
Answer: D
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Refer to the graph below. An effective minimum wage would be set
a. above We and would create a surplus of labor.
b. below We and would create a surplus of labor.
c. above We and would create a shortage of labor.
d. below We and would create a shortage of labor.
Fiscal policy analysis indicates that large tax increases during a severe recession will result in
a. an increase in the incentive to earn and the maintenance of a balanced federal budget. b. higher tax revenues and an expansion in government spending. c. smaller budget deficits, which will speed an economic recovery. d. a reduction in aggregate demand and a worsening of the recession.
If the United States is a net importer of bananas, free trade will benefit the
A. rich citizens of the Unite States. B. poor citizens of the United States. C. domestic banana consumers. D. domestic banana producers.
Which type of economy must answer the questions of what goods to produce, how to produce them, and for whom to produce them?
A. A centrally planned economy B. A market-based economy C. A developing economy D. All types of economies must answer these questions.