At the beginning of the recession of 2007-2009, real GDP in the United States was ________ potential GDP, and in June 2009, real GDP was ________ potential GDP
A) below; above
B) below; below
C) above; below
D) above; above
Answer: C
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Explain the following statement: For the same individual, tastes over goods may vary at the margin as we move from one bundle to another.
What will be an ideal response?
Which of the following statements contains accurate information regarding power sources for manufacturing in the first half of the 19th century?
a. Steam engines were very costly to operate. b. The water turbine was more efficient than the water wheel. c. Coal was adopted more slowly in the U.S. than in England. d. Along the Ohio River, steam was preferable to water power because of variable stream levels. e. All of above.
A country with a strong bargaining power is likely to direct the terms of trade in its favor
a. True b. False Indicate whether the statement is true or false
Which of the following industrial countries experienced a relatively slower growth of real GDP in the latter half of the 1990s?
a. Canada b. United States c. Italy d. France e. Japan