A business cycle is the
recurring growth and decline in real GDP
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Outstanding U.S. dollar-denominated travelers' checks issued by non-bank institutions are not counted as part of the M1 money supply
a. True b. False Indicate whether the statement is true or false
Labor (# of employees)Total Output0011025031104160520062307255827592901030011305Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. Adding a seventh employee adds:
A. 275 hats to total production. B. 20 hats to total production. C. 255 hats to total production. D. 25 hats to total production.
The recessionary GDP gap represents the
A. Leakages minus injections. B. Amount by which aggregate demand must increase to reach full employment. C. Value of the goods and services that could be produced but were not due to unemployed resources. D. Amount by which actual investment differs from desired investment.
To increase income by $120 when the slope of the curve showing the relationship between your income and work hours is 8, how many extra hours will you need to work?
A. 8 B. 15 C. 112 D. 960