During a business cycle expansion, total production ________ and total employment ________
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
Answer: A
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If GDP per capita in year T is represented by YT, and the GDP per capita in the following year is represented by YT+1, then the formula for calculating growth rate between these two years is ________
A) (YT+1 - YT)/YT B) (YT+1 + YT)/YT+1 C) (YT+1 + YT)/YT D) (YT+1/YT)/100
The tax cuts of 2008 and 2009 reduced the disposable income of U.S. consumers
a. True b. False Indicate whether the statement is true or false
How much did employment fall by during the Great Recession?
a. 8 million b. 9 million c. 10 million d. 11 million
The major way that the government supports crop prices is by granting nonrecourse loans to farmers
Indicate whether the statement is true or false