A(n) ________ comes to an end with a business cycle ________
A) expansion; bubble B) expansion; trough C) recession; peak D) recession; trough
D
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If the geography hypothesis holds, then:
A) poorer countries are permanently disadvantaged. B) living standards in poorer countries can be substantially improved. C) poorer countries are likely to catch up with richer countries very fast. D) cultural beliefs can be considered to be an important source of economic prosperity.
If the single-input producer choice set is fully convex, the first order conditions of the profit maximization problem are necessary but not sufficient for identifying the profit maximizing production plan.
Answer the following statement true (T) or false (F)
Exhibit 14-6 Aggregate supply curve
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In Exhibit 14-6, when the economy moves from a GDP of $1,000 billion to a GDP of $1,100 billion,
A. higher wages will lower the cost of producing goods. B. real GDP and employment both increase, but only under conditions of constant prices. C. real GDP increases and employment decreases, but only under conditions of price level increases. D. real GDP and employment both increase, but only under conditions of price level increases.
A constant rate of U.S. economic growth over a given period of years would involve
A. adding the same amount of real dollars to real GDP per capita each year. B. compounding the percentage increase in real GDP per capita over the years. C. adding the same amount of nominal dollars to real GDP per capita each year. D. None of these are correct.