Suppose that nominal GDP in 2016 was less than real GDP in 2016. Given this information, we know for certain that
A) real GDP in 2016 was less than real GDP in the base year.
B) real GDP in 2016 was greater than real GDP in the base year.
C) the price level in 2016 was less than the price level in the base year.
D) the price level in 2016 was greater than the price level in the base year.
C
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Because cooperation dominates noncooperation as a strategy for maximizing profits, cheating is rarely if ever an issue that cartels have to contend with
Indicate whether the statement is true or false
When foreigners export goods to the United States
a. they reduce the ability of the U.S. to export products abroad. b. they acquire the dollars that are necessary to purchase goods, services, and assets from Americans. c. they reduce the living standards of Americans. d. they cause the dollar to depreciate.
What steps did the Federal government take to stimulate the American economy when the recession of 2008-09 hit?
A. It raised both taxes and spending. B. It raised taxes and cut spending. C. It cut both taxes and spending. D. It cut taxes and raised spending.
One divided by the marginal propensity to save (MPS) is the formula for
A. autonomous consumption. B. the multiplier. C. the inverse of the multiplier. D. one minus the multiplier.