Which of the following is not an example of a transfer payment?
A) unemployment insurance payments
B) health insurance payments to an army private
C) social security payments to retirees
D) social security payments to disabled persons
Answer: B
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When an increase in aggregate demand exceeds the increase in aggregate supply
A) real GDP decreases while nominal GDP increases. B) the price level falls while real GDP increases. C) nominal GDP decreases and real GDP decreases. D) the economy will experience inflation as the price level rises.
In the food and kindred products industry, it is estimated that the elasticity of output with respect to labor is 0.43 and the elasticity of output with respect to capital is 0.48. These two measures indicate that the primary metals industry is characterized by
A) decreasing returns to scale. B) constant returns to scale. C) increasing returns to scale. D) no returns to scale.