Gordon states that ________ caused the substantial increase in the standard of living in South Korea relative to that of the Philippines during the period 1960-2010

If the government raises income taxes, then the equilibrium amount of employment ________ and potential GDP ________

A) increases; decreases B) does not change; does not change C) increases; increases D) decreases; increases E) decreases; decreases

As we move along a bowed-out production possibility frontier, producing more tacos and less pizza, the opportunity cost of a pizza ________

A) increases B) remains the same C) decreases D) increases and then decreases