When economic growth is compared between countries, the best measure to use is
A) nominal GDP.
B) real GDP.
C) chain-weighted GDP.
D) real GDP per capita.
D
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Refer to Figure 9.2. At price 0E and quantity Q*, producer surplus is the area
A) 0ACQ*. B) 0ECQ*. C) 0FCQ*. D) EFC. E) none of the above
The demand for loanable funds slopes
A) downward because NPV falls as interest rates fall. B) downward because NPV falls as interest rates rise. C) downward because NPV falls as money enters the economy. D) upward because at higher interest rates people are more willing to save. E) upward because at higher interest rates the stock market is a less attractive investment.
Which of the following is a public good?
a. an economics lecture b. a television set c. higher education d. housing e. clean air
Explain how an equilibrium is achieved in the Keynesian cross diagram