Potential output depends on all of the following except one. Which is the exception?
a. The supply of labor
b. Labor productivity
c. Household choices regarding labor and leisure
d. The technology in current use
e. The number of consumers in the market
e
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_____ is the exchange of political support on one issue for political support on another issue
a. Logrolling b. Market exchange c. Agenda control d. Rent seeking
Ceteris paribus, which of the following situations would result in the largest quantity of money demanded?
a. When nominal GDP = $1.4 trillion and the interest rate is 3 percent. b. When nominal GDP = $1.4 trillion and the interest rate is 6 percent. c. When nominal GDP = $1.2 trillion and the interest rate is 5 percent. d. When nominal GDP = $800 billion and the interest rate is 4 percent.
Which of the following activities is most likely to be considered rent seeking?
A. Buying an apartment building B. Hiring a lobbyist C. Voting for a politician who supports government spending D. Buying common stock
Which of the following is a positive economic statement?
A. We should try to eliminate poverty in the United States. B. If the price of eggs increases, the quantity demanded of eggs will fall. C. Policymakers should strive to eliminate government budget deficits. D. The President of the United States should promote high employment growth in the United States.