The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0The economy experienced a recession that lasted from:
A. July 1953 to April 1957.
B. May 1954 to April 1958.
C. May 1954 to April 1957.
D. July 1953 to May 1954.
Answer: D
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Scarcity can be measured only through the use of monetary costs.
Answer the following statement true (T) or false (F)
According to the misperceptions theory, short-lived shocks may have long-term effects on the economy because of
A) multiplier effects. B) propagation mechanisms. C) accelerator effects. D) automatic stabilizers.
The years from 1933 to 1937 are notable for ________
A) high unemployment, despite rapid growth of real output B) low unemployment, despite sluggish output growth C) persistent deflation, despite rising unemployment D) the creation of the Federal Reserve System E) none of the above
Refer to Scenario 3.1 below to answer the question(s) that follow.SCENARIO 3.1-Streaming movies and movies shown in theaters are substitutes. -Streaming movies and OLED TVs are complements. -OLED TVs and movies shown in theaters are normal goods. -People watch streaming movies more often in the winter than in the summer.Refer to Scenario 3.1. Most OLED TVs sold in the United States are imported from Asia. If the United States government reduces the number of OLED TVs that can be imported into the United States, ceteris paribus, what would happen?
A. The price of OLED TVs would decrease, and the price of streaming movies would increase. B. The price of OLED TVs and the price of streaming movies would increase. C. The price of OLED TVs and the price of streaming movies would decrease. D. The price of OLED TVs would increase, and the price of streaming movies would decrease.