In order to estimate the current annual GDP, economists:
A. multiply the quarterly estimate by four.
B. adjust quarterly GDP estimates to account for seasonal patterns.
C. take an average of the last four quarters measured.
D. adjust it for changes in price level.
B. adjust quarterly GDP estimates to account for seasonal patterns.
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For a theme park two-tier pricing can include a positive admission price and a zero per-ride fee
Indicate whether the statement is true or false
Suppose a wave of investor and consumer pessimism causes a reduction in spending. If the Federal Reserve chooses to engage in activist stabilization policy, it should
A. decrease the money supply and increase interest rates. B. increase the money supply and decrease interest rates. C. decrease government spending and increase taxes. D. increase government spending and decrease taxes.
Which statement is FALSE?
A. Wages are not downwardly flexible. B. The rational expectations theorists argue that there is a natural level of real GDP toward which the economy gravitates. C. The rational expectations theorists believe anti-recession policies have no effect, but admit anti-inflationary policies may be wise. D. The rational expectations theorists believe that aggregate supply is the prime economic mover.
Susan Suarez would like to work forty hours per week, but can only find twenty hours per week of work. In the official employment statistics, Susan is classified as:
A. unemployed. B. employed. C. underemployed. D. out of the labor force.