Which of the following best defines an expansion?
a. Real GDP is below its potential level.
b. Real GDP is increasing.
c. Unemployment is unusually high.
d. Real GDP is decreasing.
e. Real GDP exceeds its potential level.
E
You might also like to view...
It is impossible for corporations to avoid trading their own gain against others' lives
Indicate whether the statement is true or false
An increase in the real wage would result in a
A) movement along the labor demand curve, causing an increase in the number of workers hired by the firm. B) shift of the labor demand curve, causing an increase in the number of workers hired by the firm. C) movement along the labor demand curve, causing a decrease in the number of workers hired by the firm. D) shift of the labor demand curve, causing a decrease in the number of workers hired by the firm.
Public goods face the
A) principle of rival consumption. B) free-rider problem. C) law of overproduction. D) exclusion principle.
The additional production resulting from hiring one more worker is
A) marginal physical product. B) marginal cost. C) marginal production. D) additional production.