The equilibrium price level and the equilibrium level of real GDP are jointly determined by the intersection of the economy’s aggregate supply and aggregate demand schedules.
Answer the following statement true (T) or false (F)
True
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In this year, Country A has a real GDP per person that is 4 times greater than that of Country B. Country B's growth rate of real GDP per person is 3.5 percent per year
How many years will it take for Country B's real GDP per person to reach the same level that Country A had in this year? A) 10 years B) 20 years C) 40 years D) 60 years E) 56 years
The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. When the marginal social benefit of the last dozen doughnuts is equal to the marginal social cost
A) the efficient quantity is being produced and consumed. B) 200 dozen doughnuts are produced and consumed each day. C) an increase in production and consumption would increase efficiency. D) Both answers A and B are correct.
Lipitor, a heart medication with few substitutes, should have an own-price elasticity of demand that is:
a. Relative elastic b. Relatively inelastic c. Perfectly inelastic d. Perfectly elastic
Which of the following statements is not correct?
a. Two key elements of welfare reform are work requirements and limiting the time that recipients can receive benefits. b. The Earned Income Tax Credit (EITC) is very similar to a negative income tax. c. Minimum wage laws will likely increase unemployment. d. The elderly are more likely to be poor than single mothers.