If a country's real GDP is growing at 5 percent and the population is also growing at 5 percent, its:
a. per capita real GDP grows at an increasing rate.
b. per capita real GDP grows at a constant rate.
c. population growth will eventually exceed real GDP.
d. per capita real GDP decreases at a constant rate.
e. per capita real GDP does not change.
e
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When the actual inflation rate exceeds the expected inflation rate due to changes in aggregate demand:
a. Unemployment is below the natural rate of unemployment b. Unemployment is above the natural rate of unemployment. c. Unemployment equals the natural rate of unemployment. d. Unemployment could be above, equal to, or below the natural rate of unemployment.
Economists defend brand names as useful to consumers because brand names
a. provide consumers with information about quality when quality cannot easily be judged in advance of purchase. b. give firms a financial incentive to maintain the high quality associated with their brand name. c. convince consumers to spend more for products nearly identical to generic versions. d. Both a and b are correct.