High rates of unemployment:
A.
Indicate that society is not using a large portion of the talent and skills of its people
B.
Are associated with higher price levels
C.
Always correspond to a decrease in nominal GDP
D.
Do not affect an economy's output of goods and services
A.
Indicate that society is not using a large portion of the talent and skills of its people
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When the change in unplanned inventories is positive, then
A) planned inventories will increase in order to return to equilibrium. B) real GDP is less than aggregate planned expenditure. C) real GDP equals aggregate planned expenditure. D) real GDP is larger than aggregate planned expenditure. E) economic growth will occur as the economy returns to equilibrium.
Real GDP changes when
A) all prices change by the same proportion, but all outputs remain constant. B) some but not all prices change, but outputs remain constant. C) some outputs change, but prices remain constant. D) Both B and C.
Figure 14.3 represents the market for used refrigerators. Suppose buyers are willing to pay $300 for a plum (high-quality) used refrigerator and $100 for a lemon (low-quality) used refrigerator. If buyers believe that 50% of used refrigerators in the market are lemons (low quality), what fraction of used refrigerators sold will actually be plums (high quality)?
A. 50/250 B. 50/300 C. 250/300 D. None of the refrigerators sold will be plums.
In Polynomia, real GDP increased by 8% and the population increased by 3% in 2018.. In 2018, Polynomia experienced
A. an economic decline. B. economic growth and an increase in living standards. C. no economic growth, but an increase in living standards. D. economic growth, but not an increase in living standards.