The period of the business cycle between the peak and the trough is the
A) recession.
B) expansion.
C) recovery.
D) All of the above may fall between the peak and the trough.
A
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For an economy starting at full employment real GDP, a decrease in autonomous expenditure results in a(n)
A. inflationary output gap. B. increase in full-employment output. C. decrease in full-employment output. D. recessionary output gap.
Suppose the demand for saline solution is perfectly inelastic for contact lens wearers
If the government imposes a tax on saline solution, what occurs? Be sure to tell what happens to the price paid by the buyers and discuss the incidence of the tax.
By dividing the value of total domestic output (real Gross Domestic Product (GDP)) by the number of workers, economists derive
A) the net domestic product. B) labor productivity. C) the size of the labor force. D) the rate of capital accumulation.
Table 9.1 Disposable IncomeTotal Consumption(Billions of dollars per year)(Billions of dollars per year)$0$50200210What is the marginal propensity to consume in Table 9.1?
A. 0.15. B. 0.90. C. 0.80. D. 0.85.