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Eco 3311 (3rd time around) Test 1
Terms in this set (12)
In a question that asks for the value added
Labor market institutions
Most economists believe that the source of European high unemployment in the past two decades is...
Accumulation of capital, technological progress, and transition to a market economy
Which of the following explains the relatively high growth rate of output in china since 1980?
a question that asks for the value added
does not include wages as an input
GDP in current dollars
Which of the following does not represent real GDP?
Labor Force/ population
how do you calculate labor force participation rate?
There exists a negative relationship between GDP growth and unemployment rate
Okun's Law States that....
none of the above
for the U.S. Economy, which of the following represents the largest component of GDP?
The change in consumption caused by a one unit change in disposable income
the marginal propensity to consume represents...
production equals demand
equilibrium in the goods market requires that...
Suppose the consumtion equation is represented by the following C= 250 + .75 YD. Now assume government spending increases by 100 for the above economy. Given the above information, we know that equilibrium output will increase by
increases in R & D
which of the following will not increase equilibrium output in the short run?
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