Economic growth is an increase in real GDP per capita.
Answer the following statement true (T) or false (F)
True
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For an economy starting at potential output, an increase in investment in the short run results in a(n):
A. recessionary output gap. B. increase in potential output. C. expansionary output gap. D. decrease in potential output.
If Apple's iTunes Music Store increases its "fee" for its music downloads, the law of demand predicts that
A) the number of iTunes music downloads would increase. B) there would be no change in the demand for iTunes music downloads. C) the number of iTunes music downloads would decrease. D) iTunes music supply would change but demand would not.
When neo-Keynesians looked at 1970s–1980s inflation and unemployment data, they found
a. not a single Phillips curve, but a set of Phillips curves b. a relatively well-behaved downward-sloping Phillips curve c. a vertical Phillips curve, which helped to explain stagflation d. a Phillips curve that was very similar to the Phillips curve of the 1960s e. a Phillips curve that behaved like a Laffer curve
Firms entering a perfectly competitive industry will cause the price of the product to
a. fall. b. rise. c. remain constant. d. become more responsive to consumer demand.