To remain on its growth trend, an economy must grow more in an expansion than it fell during a recession.
Answer the following statement true (T) or false (F)
True
The economy needs to make up for lost output experienced during the recession, necessitating a steep rise in output during expansionary periods.
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Historical evidence suggests that:
A) command economies perform better than free economies in the long run. B) free economies perform better than command economies in the long run. C) social surplus is maximized in a command economy. D) social surplus is minimized in a free economy.
Which of the following does NOT decrease aggregate demand in the United States?
A. a decrease in the price of oil B. a decrease in GDP in Germany C. a decrease in government spending D. a decrease in the supply of money
List three reasons why the demand for a product will often increase if the product is endorsed by a celebrity
What will be an ideal response?
About what proportion of the variation of wages across workers is explained by factors that can be measured? What are the other factors that explain wage differences but are difficult to measure?