The measure most commonly used by economists to gauge the standard of living of a nation is:
a. labor productivity
b. nominal GDP.
c. real GDP.
d. real GDP per capita.
d
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Many economists maintain that
A. the aggregate supply curve is nearly horizontal at low levels of real GDP. B. the aggregate supply curve is nearly vertical at very high levels of real GDP. C. any change in aggregate demand will have most of its effect on output when economic activity is low but on prices when the economy is near full employment. D. All of these responses are correct.
Assume that the demand curve for MP3 players shifts to the right and the supply curve for MP3 players shift to the left, but the supply curve shifts less than the demand curve. As a result
A) both the equilibrium price and quantity of MP3 players will decrease. B) both the equilibrium price and quantity of MP3 players will increase. C) the equilibrium price of MP3 players may increase or decrease; the equilibrium quantity will decrease. D) the equilibrium price of MP3 players will increase; the equilibrium quantity will decrease.
Monetarists would likely argue that the severe recession of 2007-2009 was primarily caused by
A. too much deregulation of the financial sector in previous years. B. excessive money supply creating a bubble in some sectors of the economy. C. wide swings in investment expenditures driving erratic fluctuations in aggregate demand. D. adverse aggregate-supply shocks causing tremendous unemployment.
Approximately how much of aggregate national income in the United States is spent on health care today?
A) 3 percent B) 45 percent C) 17 percent D) 34 percent