Graphically, the full-employment, low-inflation, rapid-growth economy of the last half of the 1990s is depicted by a ________.
A. rightward shift of the aggregate demand curve along a fixed aggregate supply curve
B. leftward shift of the aggregate demand curve and a leftward shift of the aggregate supply curve
C. rightward shift of the aggregate supply curve along a fixed aggregate demand curve
D. rightward shift of the aggregate demand curve and a rightward shift of the aggregate supply curve
Answer: D
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If no beautification projects were undertaken in a city except by private individuals or firms, the city would almost surely be less beautiful than otherwise comparable cities because
A) aesthetic standards vary so widely. B) it is extremely difficult to induce people to pay on a voluntary basis for the pleasure they receive from urban beautification projects. C) people may enjoy beauty, but they are not willing to pay for it. D) private individuals and firms generate more external costs than benefits.
The return on human capital
A) tends to be much greater than the return on physical capital. B) tends to be much lower than the return on physical capital. C) is similar to the return on physical capital. D) cannot be related to the return on physical capital since human capital and physical capital are so different.
If the annual inflation rate is higher than 0%, which of the following statements is correct?
a. The specific country is experiencing hyperinflation when viewed over a long period of time. b. Real GDP growth must be higher than nominal GDP growth. c. Nominal GDP growth must be higher than real GDP growth. d. Nominal GDP growth is only higher than real GDP growth if real GDP growth is positive. e. Nominal GDP growth must be positive.
One effect of the government-imposed seat belt law in the U.S. has been
a. a dramatic decrease in the number of pedestrian deaths. b. safer driving. c. an increase in the number of accidents. d. a dramatic decrease in the number of driver deaths.