In general, productivity levels are much higher in richer countries like the U.S
a. True
b. False
Indicate whether the statement is true or false
True
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Use the diagram of two product supply curves to answer the following question.
The diagram indicates that
A. over range Q1Q2 price elasticity of supply is the same for the two curves. B. over range Q1Q2 price elasticity of supply is greater for S2 than for S1. C. over range Q1Q2 price elasticity of supply is greater for S1 than for S2. D. not enough information is given to compare price elasticities.
Nonexcludability causes:
A. people to demand a higher quantity than they would if they had to pay for what they consumed. B. people to demand a lower quantity than they would if they paid for what they consumed. C. firms to supply a lower quantity than they would if they incurred the full costs of the provision of the good. D. firms to supply a higher quantity than they would if they had to pay for what they supplied.
Traditional Keynesians argued that when wages are rigid, changes in output result in:
a. small changes in goods market prices and a flat aggregate supply curve. b. large changes in goods market prices and a flat aggregate supply curve. c. large changes in goods market prices and a steep aggregate supply curve. d. small changes in goods market prices and a steep aggregate demand curve. e. small changes in goods market prices and a horizontal aggregate demand curve.
What type of transaction does GDP not include?