Over the past 40 years, real GDP per capita has roughly
a. stayed the same.
b. tripled.
c. increased by 50 percent.
d. doubled.
e. declined by 50 percent.
Ans: d. doubled.
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Which of the following is true in regards to Okun's law?
A) employment does not increase commensurately with output rises because firms tend to hoard labor B) when demand increases, firms tend to work their employees harder and longer C) it is Okun's prediction of the negative relationship between the output and unemployment gaps that allows the modern Phillips curve to be translated into the AS curve D) all of the above E) none of the above
The market for used cars is shown in the above figure. Neither buyers nor sellers can tell whether any given car is a lemon. Forty percent (40%) of all cars are lemons. Which of the following statements is TRUE?
A) All of the cars will be sold at $1,600. B) No cars will be sold. C) Only lemons are sold for $1,000. D) Only good cars will be sold for $2,000.