If GDP is currently $13 trillion and is growing at a rate of 2.3% per year, how long will it take GDP to reach $26 trillion?
A) about 15 years
B) about 17 years
C) about 25 years
D) about 30 years
Answer: D
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Modigliani's consumption function differs from both Friedman's and Keynes' function in which of the following?
A) It is based on forward looking expectations. B) It is based on disposable income received over time. C) It is based on the value of assets accumulated over time. D) It is based on disposable income or permanent income.
Identify the 3 curves in the above figure
A) (1 ) is long-run aggregate supply, (2 ) is short-run aggregate supply, (3 ) is aggregate demand. B) (1 ) is aggregate demand, (2 ) is short-run aggregate supply, (3 ) is long-run aggregate supply. C) (1 ) is short-run aggregate supply, (2 ) is long-run aggregate supply, (3 ) is aggregate demand. D) (1 ) is long-run aggregate supply, (2 ) is aggregate demand, (3 ) is short-run aggregate supply.
In this market, an increase in the parameter c would: a. increase both price and quantity
b. increase price and decrease quantity. c. decrease both price and quantity. d. increase quantity and decrease price.
The consumer confidence index can be defined as:
a. an economic index that measures how consumers feel about their government. b. an economic index that measures how confident companies are about keeping their current consumers. c. an economic index that measures household expectations about the economy. d. an economic index that measures how investors feel about their investments in the stock market. e. an economic index used to measure consumers' confidence on a particular brand.