A country has had its per capital real GDP remain constant for several years. During this period this country
A. may have experienced economic growth if the average hours worked per week have fallen.
B. will have an increase in the number of poor people.
C. will have experienced an inward shift of the production possibilities curve.
D. has not experienced any economic growth.
Answer: A
You might also like to view...
According to the graph shown, if the economy were to open to free trade, it would become:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. a net-importer.
B. a net-exporter.
C. an autarky.
D. less efficient with less overall market surplus.
Figure 7-2
In Figure 7-2 at an output of 500, marginal cost equals
a.
10.
b.
20.
c.
30.
d.
40.
Assume the price level has risen to 110 and remains constant. Now suppose the economy finds a new equilibrium and that real GDP is at $15.5 trillion. Draw a new aggregate expenditure curve and a new aggregate demand curve to reflect the increase in spending. Indicate the new points of equilibrium with the letter D.
What will be an ideal response?
An increase in the price of oil will likely cause which of the following?
A) increase the markup in the Phillips curve equation B) increase the sum "m + z" in the Phillips curve equation C) increase the natural rate of unemployment D) all of the above E) none of the above