There are two basic ways a nation can increase long-run real GDP
a. Create more money and increase government spending.
b. Current account surpluses and education.
c. Provide more and/or better inputs to the production process and improve the efficiency of the production process.
d. Reduce nominal interest rates and increase consumption and investment.
e. All of the above.
.C
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The television network newscaster reports that the national inflation rate the past year equaled 4 percent. This report would be of particular interest to a ____
a. microeconomist. b. normative economist. c. macroeconomist. d. Ceteris paribus. e. social science economist.
A survey of 1,500 frequent restaurant patrons revealed that, Chang Cheng, a local Chinese restaurant, offers high-quality food at low prices. Based on one dining experience, a restaurant critic gave Chang Cheng a poor review, saying the food was not very good. As a result, you decide not to dine at Chang Cheng. This decision is an example of which of the following systematic mistakes that people
make when making decisions? a. People are overconfident. b. People give too much weight to a small number of vivid observations. c. People are reluctant to change their minds. d. All of the above are correct.