We measure economic growth by the percentage change in real GDP. In general terms outline the course of the U.S. output growth rate in recent decades, both in terms of its trend and its changes around trend
Pay particular attention to the stability of the growth rate.
Real output growth has been highly volatile around a trend of roughly 3% a year. It was relatively steady during the 1960s and consistently positive. During the 1970s and early 1980s there were numerous periods of negative growth. Since 1983, growth has been positive and relatively stable except for brief periods in 1990-1991 and 2001.
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Maude is complaining about how much she pays in taxes now that the economy is finally doing really well. Even though she's in the same tax bracket as she was last year, she's paying $500 more in taxes this year, just because she earned more overtime pay this year. Maude's increased tax payment to the government is an example of:
A. automatic stabilizers. B. discretionary fiscal policy. C. expansionary fiscal policy. D. contractionary fiscal policy.
Real gross domestic product (GDP) increases if
a. current prices increase b. current quantities increase c. current prices are constant d. nominal GDP increases e. nominal GDP decreases
The lion’s share of purchases and transactions in the U.S. economy are made with coins and paper money.
Answer the following statement true (T) or false (F)
The term "induced taxes" refers to...
What will be an ideal response?