Real GDP
a. moves in the opposite direction as unemployment.
b. increases as production falls.
c. falls when households save a smaller fraction of their income.
d. All of the above are correct.
a
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Using the average price and average quantity, what is the elasticity of demand for oranges when the price of oranges changes from $200 to $160 per bushel and so the quantity demanded changes from 1000 to 1400 bushels?
A) 1.5 B) 0.1 C) 10.0 D) 0.67
What is a zero-sum game? Can you think of any zero-sum games in real life?
What will be an ideal response?
Money is valuable because it
What will be an ideal response?
The essential feature that differentiates imperfectly competitive firms from perfectly competitive firms is that an imperfectly competitive firm:
A. coordinates their output decisions with other firms. B. produces a good with no close substitutes. C. faces a downward-sloping demand curve. D. faces high barriers to entry.