If Real GDP contracted by more than 10%, economists would label that a
A. depression.
B. expansion.
C. recovery.
D. recession.
Answer: A
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The value of a loan of $50,000 after a year at 2 percent interest is:
A. $1,000. B. $52,000. C. $49,000. D. None of these is true.
When price is above the equilibrium level, suppliers offer more than demanders wish to buy
a. True b. False Indicate whether the statement is true or false
Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. If the market price is $15, this firm should produce ________ units of output to maximize profits.
A. three B. four C. five D. six
In a country with a working-age population of 20 million, 13 million are employed, 1.5 million are unemployed, and 1 million of the employed are working part-time, half of whom wish to work full-time. The labour force participation rate is
A) 72.5 percent. B) 57.5 percent. C) 65 percent. D) 75.5 percent. E) none of the above.