In August of this year, Jack can best estimate the current year's GDP by:
A. multiplying the most recent quarter's GDP estimate by four.
B. adjusting the first two quarterly estimates of GDP for seasonal variation.
C. taking an average of the last four quarterly estimates of GDP available.
D. looking back at previous years GDP in order to make an accurate projection.
Answer: B
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The phenomenon of wages in many industries changing very little or not at all for a year or more after a change in output is referred by economists as
a. wage lag effect. b. wage stickiness. c. compensation inflexibility. d. inertia. e. reservation wage effect.
Under monopolistic competition, profits cannot persist because new firms will be attracted to the market.
Answer the following statement true (T) or false (F)
A profit-maximizing competitive firm will hire workers up to the point at which the wage equals the marginal product of labor
a. True b. False Indicate whether the statement is true or false
One problem associated with a monopoly firm is that it
A) produces too little output but also charges a low price. B) produces too much output and charges too low a price. C) restricts output and charges a relatively higher price than a purely competitive firm. D) is just as good as a purely competitive firm in terms of output and price.