Economic growth, as measured by increases in per-capita real GDP, was at its strongest during the
A. 1970s.
B. 1960s.
C. 1980s.
D. 1950s.
Answer: B
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In some markets consumers may buy many different brands of a product. Which of the statements below best represents a situation where demand for a particular brand would be very elastic?
A. "The brand I buy is so superior to other available brands that I hardly consider the others." B. "I use so little of that product that when I do buy it, I don't pay much attention to the price." C. "The different brands are almost identical. I always buy the cheapest." D. "I pinch pennies in buying other products, but like most people I feel I owe it to myself to get the best brand of this product."
You consume only steak and lobster. Your substitution effect from a drop in the price of lobster is measured by a movement along your indifference curve between steak and lobster
Indicate whether the statement is true or false
If the economy is experiencing lower levels of unemployment, the short-run Phillips curve suggests that ____ additional employment can be purchased at ____ rates of inflation
a. greater; relatively low b. greater; higher c. lower; lower d. No such employment-inflation relationship is suggested by the Phillips curve.
Foreign demand for U.S. dollars also represents a supply of dollars.
Answer the following statement true (T) or false (F)