An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.

The real income per capita is a measure of the

A) well-being of every individual in the nation. B) well-being of the average individual in the nation. C) well-being of the average employed person in the nation. D) total well-being of the nation.

Among the people who are characterized below, who has the highest opportunity cost of leisure?

a. an attorney who earns $200 per hour and who plays golf during her leisure time b. a medical doctor who earns $210 per hour and who sleeps during his leisure time c. a retail clerk who earns $15 per hour and who watches TV during her leisure time d. a waiter who earns $12 per hour and who reads poetry during his leisure time