The target unemployment rate in the US is about: ________

Which of the following is a final good or service counted in GDP?

Suppose that the government is collecting $150 in tax revenue and spending $200. Is the government running a budget surplus or a budget deficit? [budget] How should the government balance its budget? [balance]

Economic growth depends upon which of the following? i. Increasing the quantity of labor ii. Lowering the prices of goods and services iii. Advancing technology

The next few questions are on economic growth.

Suppose that in 2025 the US economy is in an expansion. The Fed increases the money supply. What is the impact on the economy?    The money supply [ms] The AD function [ad] The AS function [as] Impact on the economy: nominal interest rate [i] real GDP [rgdp] Price (inflation) [inflation] Unemployment [unemp]

Which of the following is NOT included in real GDP?

Which of the following would most likely cause a country’s PPF to shift outward at every point along the frontier?

Bob inherits a large sum of money from his dead uncle’s estate. Bob decides to retire young, so he quits his job and heads to the Bahamas. Bob is an example of

This ends the multiple choice section.  The next few questions are on the production possibilities frontier (PPF).