If the average annual growth rate in real GDP for a nation during the last decade was 4 percent per year and the average annual population growth rate was 3 percent per year during the same period, then the average annual growth rate of per capita GDP was

Which of the following statements CORRECTLY describes the policy stance of a macroeconomist?

A) A monetarist believes that the quantity of money should be constantly changed in order to offset changes in aggregate demand. B) A new classical macroeconomist believes that fiscal and monetary policy are required to maintain full employment. C) A Keynesian believes that if taxes are always kept low and the quantity of money is kept on a steady growth path, no policy actions will be needed to maintain full employment. D) A classical macroeconomist believes that maintaining consistently low taxes will allow the economy to expand at an appropriate and rapid pace.

Government outlays equal: a. the difference between government expenditures and government revenues. b. the sum of government expenditures and government revenues. c. the sum of government purchases and transfer payments. d. the difference between government purchases and transfer payments

e. the ratio of government purchases to transfer payments.