Resources are divided into the following broad categories:
a. people, money, and machines
b. saving, spending, investment, and capital
c. human, technological, and government
d. natural resources, labor, capital, and entrepreneurial ability
e. free, scarce, abundant, and unlimited
D
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In a given year the nominal growth rate is 7% with inflation and population growth rates of 2% and 1.2% respectively, then real growth rate of GDP per capita is:
A. 3.8%. B. 5.0 %. C. 5.8%. D. 7.0 %.
In a binding situation, changes in government spending do not shift the AD curve.
Answer the following statement true (T) or false (F)
Turning points in business cycles occur when
A. a new business cycle is initiated at the trough. B. the business cycle begins to follow a new pattern that differs from previous business cycles. C. the economy hits the peak or trough in the business cycle. D. a new business cycle is initiated at the peak.
Refer to the cost table below. The firm will produce its output only if the price is at least equal to what minimum level?
The table shows cost data for a firm that is selling in a purely competitive market.
A. $3
B. $4
C. $6
D. $9