The ________ shows the relationship between the price level and quantity of real GDP demanded
A) 45-degree line B) aggregate demand curve
C) consumer price index D) aggregate expenditure line
B
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During 2014, the country of Economia had a real GDP of $115 billion and the population was 0.9 billion. In 2013, real GDP was 105 billion and the population was 0.85 billion. In 2014, real GDP per person was
A) $128. B) $124. C) $135. D) $117.
Suppose the federal budget surplus for the year was $350 billion and the economy was in an economic expansion
If the economy had been at potential GDP, it is estimated that tax revenue would have been $140 billion lower and government spending on transfer payments would have been $50 billion higher. Using these estimates, the cyclically adjusted budget A) deficit was $440 billion. B) deficit was $260 billion. C) surplus was $160 billion. D) surplus was $540 billion.
If labor is measured along the horizontal axis and capital is measured along the vertical axis, an increase in the wage rate will cause the isocost line to:
A. rotate clockwise, causing the firm to use less labor and more capital. B. rotate counterclockwise, causing the firm to use less labor and more capital. C. rotate clockwise, causing the firm to use less capital and more labor. D. rotate counterclockwise, causing the firm to use less capital and more labor.
Adam Smith's invisible hand is now called
A. The market mechanism. B. Economic growth. C. Opportunity cost. D. Laissez faire.