D. All of these statements are true.
A. an output gap.
B. a recession.
C. a boom.
D. an inflationary gap.
AACSB: Reflective Thinking
A. an output gap.
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Why does the presence of negative externalities in the production of a good lead to an overproduction of the good?
What will be an ideal response?
If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour then
A) Irene has the absolute advantage in the production of chairs. B) Irene has the comparative advantage in the production of tables. C) Greg has the absolute advantage in the production of chairs. D) Greg has the comparative advantage in the production of chairs.
In a free market, the price of housing adjusts to eliminate the shortages that give rise to undesirable landlord behavior
a. True b. False Indicate whether the statement is true or false
Usury laws are ineffective unless the interest rate ceiling is set ______ the equilibrium rate of interest.
Fill in the blank(s) with the appropriate word(s).