The productivity of workers in an economy is high if:
A) the economy has a negative rate of inflation.
B) the economy has low capital stock.
C) the economy has high levels of human capital.
D) the economy has a large working age population.
C
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Consider an economy where the money supply is growing at 7 per cent per year and velocity is constant. Which of the following statements about real GDP growth and the inflation rate could be TRUE if the Quantity Theory of Money holds?
A. Real GDP is growing at 2 per cent and inflation is 5 per cent. B. Real GDP is growing at 7 per cent and inflation is 7 per cent. C. Real GDP is growing at 2 per cent and inflation is 9 per cent. D. Real GDP is growing at 9 per cent and inflation is 2 per cent.
Suppose a market is currently at equilibrium. A leftward shift of the demand curve would cause
A) an increase in price but a decrease in quantity. B) a decrease in price but an increase in quantity. C) an increase in both price and quantity. D) a decrease in both price and quantity.