National income accounting reveals that the value of total production in an economy
A) is always greater than the value of total income in the economy.
B) is always less than the value of total income in the economy.
C) is always equal to the value of total income in the economy.
D) may be greater than, less than , or equal to the value of total income in the economy.
C
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Studies by economists have tended to show that countries with more independent central banks have
A) lower unemployment. B) more inflation. C) higher unemployment. D) less inflation.
Which of the following is true?
A) Potential GDP fluctuates around nominal GDP. B) Nominal GDP fluctuates around real GDP. C) Real GDP never equals potential GDP. D) The Okun Gaps are much larger than the Lucas Wedge. E) Real GDP fluctuates around potential GDP.
?How does an increase in income affect the market for iPads (normal good)?
a. The demand curve for iPads shifts to the right
b. The demand curve for iPads shifts to the left
c. The supply curve for iPads shifts to the right
d. The supply curve for iPads shifts to the left
When choosing among products, consumers look at
A. The marginal utility per dollar and their budget constraint. B. Only their budget. C. The marginal utility of the good. D. The total utility that will be gained at the end of all consumption.