Households supply four basic types of resources. They include all of the following except
a. natural resources
b. final goods and services
c. capital
d. entrepreneurial ability
e. labor
B
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Income per capita is ________
A) gross domestic product divided by total labor force B) gross domestic product divided by total population C) gross domestic product divided by total amount of capital used D) gross domestic product divided by total unit of all goods produced
Which of the following ideas are included in classical growth theory?
I. Subsistence real GDP per person II. Growth in real GDP per person is temporary. III. Technological change induces investment. A) I only B) I and II C) II and III D) I, II and III
Which of the following must be true if good X is a normal good and income increases?
a. The demand for X will increase, and thus the price and quantity sold and bought will decrease. b. The demand for X will decrease, and thus the price and quantity sold and bought will decrease. c. The demand for X will increase, and thus the price and quantity sold and bought will increase. d. The demand for X will decrease, and thus the price and quantity sold and bought will increase. e. The demand for X will increase, and thus the price and quantity sold and bought will remain the same.
For this question, assume that individuals do not hold currency (i.e., c = 0). The money multiplier is equal to
A) 1. B) 1/(1 - c). C) ?. D) 1/(1- ?). E) none of the above