Over the last ten years productivity grew more slowly in Iberia than in Aire while the population and total hours worked remained the same in both countries. It follows that
a. real GDP per person must be lower in Iberia than in Aire.
b. real GDP per person grew more slowly in Iberia than in Aire.
c. the standard of living must be higher in Iberia than in Aire.
d. All of the above are correct.
b
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What is the relationship between the government's budget deficit and its tax revenue?
a. Budget deficit = government spending + tax revenue b. Budget deficit = government spending - tax revenue c. Government spending = budget deficit / tax revenue d. Tax revenue = government spending + budget deficit e. Budget deficit = tax revenue - government spending
In the classical model, the quantity of loanable funds supplied is
a. positively related to the level of income b. negatively related to the price level c. positively related to the price level d. negatively related to the interest rate e. positively related to the interest rate