Which of these is the best measure of the average standard of living in an economy?
a. The unemployment rate
b. Nominal income
c. Real GDP
d. National debt
e. Real GDP per capita
e
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If equilibrium is present in a market,
a. there is generally either a shortage or a surplus. b. quantity demanded equals quantity supplied. c. quantity demanded exceeds quantity supplied. d. quantity supplied exceeds quantity demanded.
Sharing the results of applied research conducted under government sponsorship with the private sector, such as the development of the Global Positioning System (GPS), is an example of a government policy to promote economic growth by:
A. increasing physical capital. B. increasing human capital. C. increasing the availability of natural resources. D. improving technology.
The assumption that the velocity of money and the quantity being produced is constant is held by the:
A. Keynesian school. B. supply-side school. C. classical school. D. rational expectations school.
The multiplier is useful in determining the:
A. full-employment unemployment rate. B. level of business inventories. C. change in the rate of inflation from a change in the interest rate. D. change in GDP resulting from a change in spending.