If you wanted to investigate whether a country was successfully developing, what information would you look for? What qualifications might you have to make to the data you have put together?
What will be an ideal response?
Drawing on this and the first chapter, the key variables would be higher per capita GDP, changes in the structure of output, reduction of poverty, and increasing life expectancy and levels of education. The limitations of the GDP data should be noted as well as the general problem of reliable data from governments with limited data-gathering capabilities.
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The entire sequence of a decline in aggregate economic activity followed by recovery, measured from peak to peak or trough to trough is a
A) long-run trend. B) potential output path. C) business cycle. D) recurrent comovement.
Policy lags are typically much shorter for monetary policy than for fiscal policy
a. True b. False Indicate whether the statement is true or false
The firms in a collusive oligopoly ______.
a. encourage new firms to enter their industry b. reduce uncertainty by acting collectively c. act independently of each other d. are long-lived thanks to antitrust laws
The total amount of money that would have to be transferred to households in poverty to raise them out of poverty is the
A. poverty rate. B. poverty gap. C. poverty state. D. poverty line.