The quantity demanded of a product is the amount that buyers are willing and able to purchase at a particular price
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose that in year 1 every adult in the country works 40 hours a week and GDP is $6.7 trillion. In year 2 every adult in the country works 45 hours a week and GDP is $7.5 trillion. Which of the following statements is true?
A) Per-capita GDP is necessarily higher in year 2 than year 1. B) People are "better off" in year 2 than in year 1 because there are more goods and services in year 2 than year 1. C) Government transfer payments were higher in year 2 than in year 1. D) a and b E) none of the above
Keynes believed that changes in autonomous spending were dominated by changes in
A) consumer expenditure. B) autonomous consumer expenditure. C) investment spending. D) taxes. E) none of the above.
Suppose the interest rate is 8%. If a project requires an initial investment of $5,000 and returns $5,500 in a year, what is its internal rate of return?
A. 2% B. 8% C. 10% D. 18%
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher