If the price of a good is expected to fall in the future, its
A. demand curve will shift to the right.
B. supply curve will shift to the right.
C. demand curve will shift to the left.
D. b) and c).
Answer: D
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The above table gives data for the nation of Mouseville. There are no imports into or exports from Mouseville. Unplanned inventory changes are zero when real GDP equals
A) $300 billion. B) $500 billion. C) $900 billion. D) $700 billion. E) $800 billion.
People have little incentive to contribute to a project if they will be able to enjoy the benefits of the finished project for free
Indicate whether the statement is true or false
If real GDP is increasing at a 2 percent annual rate while the unemployment rate is 7 percent, the economy is
a. not achieving full economic potential b. experiencing an increase of 2 percent in real annual per capita GDP c. experiencing a slump d. experiencing high prices and low inflation e. producing along its production possibilities frontier
The regular earnings profile of an individual throughout his or her lifetime is
A. income-in-kind. B. the Lorenz curve. C. the age-earnings cycle. D. wealth.