Suppose y = Ak1/3, the capital-labor ratio is $30,000 per worker, the level of total factor productivity is 400, 50% of the population works, and there are 50 million workers. Real GDP per worker is

Which of the following is NOT true of the European Union

A. The EU promoted freer trade between member countries B. The EU allows members to benefit from economies of scale in selling to a larger market C. The EU provides a common currency for a subset of its members D. The EU was established in 1999

Refer to Figure 28-9. Fed Chairman Paul Volcker's response to high inflation of the late 1970s is depicted in the figure above as a movement from

A) A to D to C. B) A to B to C. C) C to E to B. D) C to D to A. E) C to B to A.