During the 2008-2009 recession real GDP fell by about
a. 2%
b. 4%
c. 6%
d. 8%
b
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The demand for money is the relationship between discount rate and how much money people want to hold
Indicate whether the statement is true or false
Figure 32-1
?
In Figure 32-1, there are four levels of income. G is government expenditures and TT is taxes less transfers. At which level of income is the actual deficit the greatest?
A. Y4 B. Y3 C. Y2 D. Y1
Refer to the diagram for a private closed economy. In this economy, aggregate expenditures:
A. do not change as GDP increases.
B. increase by $2 for every $5 increase in GDP.
C. increase by $2 for every $4 increase in GDP.
D. increase by $2 for every $3 increase in GDP.
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.