In the above figure, what is the wage rate for the perfectly competitive market?
A) W1
B) W2
C) W3
D) W4
C
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
If a graph has a line that shows the amount of outsourcing in the last ten years, it is known as
A) a pie chart. B) a demand curve for outsourcing. C) a time-series graph. D) a supply curve of outsourcing.
Economic growth can result from a(n):
A. decrease in the number of workers available. B. increase in the amount of consumer goods produced. C. increase in the amount of productive resources. D. increase in number of the minimum wage jobs.
Transfer payments are excluded from GDP.
Answer the following statement true (T) or false (F)