We experienced the lowest inflation during the period from
A. 1945 to 1948.
B. 1961 to 1964.
C. 1973 to 1975.
D. 1978 to 1981.
B. 1961 to 1964.
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A level of GDP cannot be at equilibrium when aggregate demand exceeds output because firms will notice that
A. inventory stocks are building up. B. inventory stocks are being depleted. C. their profits are negative. D. many of their workers have little to do.
Real GDP measures the value of goods and services produced in a given year valued using
A) base year prices. B) prices that prevail the same year. C) no prices. D) future prices. E) real rather than nominal prices.
The equivalent variation is always less than the consumer's income
Indicate whether the statement is true or false
To close a recessionary gap using fiscal policy, the government can:
a. increase government spending by the size of the gap. b. decrease government spending by the size of the gap. c. increase government spending by more than the size of the gap. d. increase government spending by less than the size of the gap. e. decrease government spending by more than the size of the gap.