Suppose real GDP is $13 trillion and potential real GDP is $13.5 trillion. If Congress and the president increase government purchases by $500 billion, then the economy will be brought to equilibrium at potential real GDP

Convergence of the income gap has been most dramatic between

A) Hong Kong and the United States. B) the Central European countries and the United States. C) Africa and the United States. D) South America and the United States.

Refer to Figure 13-11. What is the monopolistic competitor's profit maximizing price?

A) P1 B) P2 C) P3 D) P4