The gross domestic product (GDP) is the market value of all goods and services produced by the economy in one year.
Answer the following statement true (T) or false (F)
False
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In reference to short-term economic fluctuations, the "trough" refers to:
A. the low point of economic activity prior to a downturn. B. the low point of economic activity prior to a recovery. C. a period in which the economy is growing at a rate significantly below normal. D. a particularly strong and protracted recession.
Industries in which firms ________ are likely to contract in the long-run.
A. suffer losses B. break even C. have positive profits D. have no competition
Explain how a decrease in housing prices may reduce the wealth of some while increasing the wealth of others. What effect would this have on aggregate consumption?
What will be an ideal response?
When positive externalities exist, the private market equilibrium represents a
A) market price which is too low and a market quantity which is too low. B) market price which is too low and a market quantity which is too high. C) market price which is too high and a market quantity which is too low. D) market price which is too high and a market quantity which is too high.