If equilibrium GDP is $900 billion greater than full employment GDP and there is a deflationary gap of $300 billion, how much is the multiplier?
What will be an ideal response?
900/300 = 3
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Jasime voluntarily quit her job and is now searching for a new position. Jasime is classified as a
A) job loser. B) job reentrant. C) job leaver. D) new entrant.
Which of the following describes a differentiated product?
a. A product that consumers perceive as distinctive in some way b. A product that lacks many competitors in a market or industry c. A product that is produced and sold in a niche market d. A product that is produced by a natural monopolist
Social demand is equal to
A. Public demand plus or minus externalities. B. Private goods plus or minus externalities. C. Tax revenue plus or minus externalities. D. Market demand plus or minus externalities.
Related to the Economics in Practice on page 283. The 'basic economy' fare discussed in the Economics in Practice is an example of
A. monopoly pricing. B. unfair pricing. C. illegal pricing. D. price discrimination.