When real GDP is in equilibrium there will be no tendency for real GDP to _____ or _____.
Fill in the blank(s) with the appropriate word(s).
increase; decrease
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Firms in a small economy planned that inventories would grow over the past year by $300,000. Over that year, inventories actually grew by $400,000. This implies that
What will be an ideal response?
When M1 is expanded to M2, the money supply:
A. almost doubles. B. more than triples. C. goes up tenfold in size. D. changes very little.
Which of the following is true about the combination of televisions and smartphones represented by point F in Figure 1.4?
A. Point F is unattainable even with advances in technology. B. Point F will be more easily attainable if the government takes control of all privately run factories. C. Point F is inefficient now. D. Point F can possibly be reached if more economic resources become available or technology improves.
The capricious universe view indicates that:
A. in the long run, "acts of God" have contained population growth and thus contributed to economic development. B. DVCs will obtain biological and chemical weapons and force the redistribution of world wealth. C. there is little or no correlation between one's efforts and the rewards he or she receives. D. international and civil wars have been the primary impediment to growth.