If potential GDP for the first quarter of 2013 = $75.8 billion, nominal GDP for the first quarter of 2013 = $80.3 billion, and the GDP deflator = 109, then the output gap was
A) 2.8%.
B) 4.7%.
C) 5.6%.
D) 5.9%.
A
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If a shift in the demand curve that raises the price of oranges from $7 to $9 a bushel increases the quantity of oranges supplied from 4,000 bushels to 6,000 bushels, the
A) supply of oranges is elastic. B) supply of oranges is inelastic. C) demand for oranges is elastic. D) demand for oranges is inelastic.
The per-capita GNP of the industrial group is about ________ times that of the upper middle-income countries
A) 6 B) 10 C) 15 D) 19 E) 2
Analysts that favor a fast transition to market economies argue that China's success with a gradual transition is a special case because
A) its trade flows were relatively large. B) so much of its labor force was in agriculture. C) heavy industry already had a strong foothold when the transition began. D) its coastal areas were already relatively well developed. E) its labor force was relatively well educated.
As the economy ________, the labor force increases, and as the economy ________, the labor force decreases.
A. expands; contracts B. contracts; expands C. develops; matures D. matures; develops