If potential output for an economy equals $5 billion, and actual output equals $4.5 billion, then this economy has a(n):
A. trade deficit.
B. expansionary gap.
C. budget deficit.
D. recessionary gap.
Answer: D
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The difference between exports and imports in GDP is called
A) import tariffs. B) net exports. C) net imports. D) gross imports.
Refer to Table 10-2. Holding prices constant, when Keira's income changed from $18 to $23, what happens to her total utility and to the marginal utilities of the last cup of soup and the last sandwich purchased?
A) Her total utility and the marginal utility of the last sandwich consumed increase but marginal utility of the last cup of soup consumed decreases. B) Her total utility and the marginal utility of the last cup of soup consumed increase but marginal utility of the last sandwich consumed decreases. C) Her total utility decreases but the marginal utilities of the last cup of soup and the last sandwich consumed increase. D) Her total utility, the marginal utility of the last cup of soup consumed, and the marginal utility of the last sandwich consumed all increase. E) Her total utility increases but the marginal utilities of the last cup of soup and the last sandwich consumed decrease.
Which of the following is poorest country?
A) Canada B) Mexico C) Haiti D) New Orleans
Whether you are studying the money economy of the U.S., Pakistan, China, or the Federated States of Micronesia, for a good to serve as money anywhere, it has to provide three essential services. These are: a medium of exchange, a
a. measure of value, and be portable b. store of value, and be durable c. measure of value, and a store of value d. measure of value, and be portable e. store of value, and be portable