For the 1952-2014 period in the United States, output per worker hour
A. showed the largest increase during the 1980s.
B. fluctuated around an upward trend.
C. increased at a constant rate.
D. decreased during the 1960s.
Answer: B
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
An increase in population growth in a country
A) always causes an increase in labor resources. B) may not necessarily cause an increase in per capita real GDP. C) may not cause an increase in labor resources in rich countries because employers will cut down on the number of hours required of workers. D) will always cause an increase in per capita real GDP.
Which of the following statements is true of government spending?
a. An increase in government spending raises the equilibrium level of income by a multiple of the original spending increase. b. Government spending is a part of monetary policy, not fiscal policy. c. A decline in government spending brings about an expansion in the economy. d. An increase in government spending increases the recessionary gap in the economy. e. An increase in government spending shifts the aggregate demand curve downward by a fraction of the rise in government spending.
If the price elasticity of demand is 4 and the price of migraine medicine increases by 6%, what will be the percentage change in quantity demanded?
a. 6% b. 4% c. 24% d. 67%