Author Question: Suppose two countries have identical growth rates of real GDP and the same initial value of per ... (Read 163 times)

cherise1989 · **on:** Jun 30, 2018

Suppose two countries have identical growth rates of real GDP and the same initial value of per capita real GDP. We know, then, that

A) living standards may differ in the two countries because we don't know how income is distributed in the countries.
B) economic well being is the same in both countries.
C) living standards in the two countries are probably identical, or very close to each other.
D) life expectancies are the same in both countries.

Question 2

Which of the following statements is TRUE?

A) The long-run aggregate supply curve is vertical.
B) The short-run aggregate supply curve is vertical.
C) The long-run aggregate demand curve is upward sloping.
D) The long-run aggregate supply curve is upward sloping.