The 'WHAT goods and services does the US produce' question can best be answered using data about which of the following?
A. The distribution of output in markets, specifically among manufacturing, services, and agricultural sectors.
B. Per capita GDP.
C. The distribution of GDP among different income quintiles.
D. Productivity.
Answer: A
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Because of diminishing returns to capital, there is a limit to the increases in average labor productivity that can be gained from additional or improved ________.
A. entrepreneurship B. physical capital C. availability of land and natural resources D. imports
A federal budget deficit can simultaneously reduce inflation and unemployment
a. True b. False Indicate whether the statement is true or false
If supply increases, the equilibrium price will rise and the equilibrium quantity will fall
a. True b. False Indicate whether the statement is true or false
In a consumption schedule, the change in consumption is a constant $12 billion and the change in income is a constant $16 billion across each consumption and income level. It can be concluded that the:
a. Slope of the saving schedule is .33 b. Marginal propensity to save is .25 c. Slope of the consumption schedule is .67 d. Marginal propensity to consume is 1.33