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In the long run, ___ differences in economic growth rates result in ___ differences in GDP per capita.
A) large; small B) large; no C) small; no D) small; large
________ save a ________ of their income. This ________ capital in their economy and raises
A) Developing countries; Small Proportion; Increases B) High Income Countries; Large Proportion; Increases C) High Income Countries; Small Proportion; Increases D) Developing Countries; Large Proportion; Decreases
If property rights are not enforced in a country
A) the market system will still work smoothly
B) that country's growth rate will not be affected
C) entrepreneurs are unlikely to risk their own funds investing in such an economy
D) that country will grow more rapidly
The marginal propensity to consume is defined as
An increase in aggregate demand causes an increase in ___ only in the short run, but causes an increase in ___ in both the short run and the long run.
A) real GDP; real GDP
B) the price level; real GDP
C) real GDP; the price level
D) the price level; the price level
Stagflation occurs when
A) inflation rises and GDP falls
B) inflation falls and GDP falls
C) inflation rises and GDP rises
D) inflation falls and GDP rises
By making exchange ___, money allows for ___ and higher ___.
A) harder; generalization; productivity
B) harder; specialization; costs
C) easier; specialization; productivity
D) easier; specialization; costs
If households in the economy decide to take money out of checking account deposits and put this money into savings accounts, this will initially
If the Federal Open Market Committee wants to decrease the money supply through open market operations it will
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