All of the following accurately describe microlending EXCEPT:
A) it involves small loans
B) lending is primarily undertaken by the government
C) the borrowers are people who are attempting to start or expand a small business
D) many economists think it has aided economic growth in many low-income countries
B
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In the short run, the equilibrium level of real GDP
A) is necessarily less than potential GDP. B) is necessarily equal to potential GDP. C) is necessarily greater than potential GDP. D) could be less than, equal to, or greater than potential GDP.
The law of comparative advantage suggests that
What will be an ideal response?
Gross domestic product includes
A. your purchase of 100 shares of Alibaba. B. your gift of $100 to your brother. C. your purchase of a gently used 1990 Porsche Carrera. D. your weekly paycheck as a server at Denny’s.
Which of the following is true about the U.S. economy?
A. It had greater economic problems than other Western countries in the 1990s. B. It still experiences periods of inflation and unemployment. C. It has experienced 30 years of outright recession in the last 50 years. D. It has been able to do away with the business cycle.