According to the BEA, in the second quarter of 2012 personal consumption expenditures grew by 1.7 percent, gross private domestic investment grew by 3.0 percent,
government expenditure on goods and services decreased by -0.9 percent, imports grew by 2.9%, and exports grew by 6.0%. Given these data, it is most likely that
A) GDP growth was positive in the 2nd quarter.
B) GDP growth was negative in the 2nd quarter.
C) the economy hit a business cycle peak.
D) the economy hit a business cycle trough.
A
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In the economy of Pandemonia, 500 people have jobs, 500 people are not working but are searching for work, and 1500 people don't work and don't seek work. The unemployment rate is
A) 10 percent. B) 40 percent. C) 50 percent. D) 66 percent. E) none of the above.
If individuals were paid for their household production, GDP would: a. increase
b. not change, but GNP would increase. c. decrease. d. not change, but GNP would decrease.
Capital is a flow of resources into the production of investment goods
a. True b. False Indicate whether the statement is true or false
In an open economy, how many bikes will this country export?
A. 20,000 B. 60,000 C. 80,000 D. 50,000