The net exports effect is the ____ relationship between net exports and the price level of an economy
a. inverse
b. independent
c. direct
d. linear
a
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Researchers believe that the economy grows at least one percentage point less annually when:
a. the ratio of public debt to GDP exceeds 90 percent for at least five years in a row. b. the ratio of public debt to GDP exceeds 50 percent for at least two years in a row. c. the growth rate of population falls for at least five years in a row d. the rate of inflation is below 4 percent for at least two years in a row. e. the growth rate of real interest rates falls for at least five years in a row.
The term "labor" for an economist includes
A) all skilled workers, but not the unskilled workers. B) all productive contributions of humankind. C) only the value of the work done by scientists. D) all employees who have high school diplomas.
Which of the following is NOT a reason why real GDP can be expanded beyond a level consistent with its long-run growth path in modern Keynesian analysis?
A) Higher prices induce firms to hire more workers. B) The existing capital stock can be used more intensively. C) Prices and wages are flexible, allowing for needed adjustments. D) In the short run, existing workers can work more hours.
Gross domestic product (GDP) is the ________ in a given time period
A) value of personal consumption expenditures, gross private domestic investment, and federal government expenditures B) sum of wage and salary compensation of employees and corporate profits C) value of all final and intermediate goods and services produced by the economy excluding those goods exported to foreign nations D) market value of final goods and services produced by the economy