The economy recovered quickly from the 2007 recession and returned to its trend growth path.
Answer the following statement true (T) or false (F)
False
The economy recovered very slowly and has not returned to its trend growth path.
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
The division of labor helps to explain why workers do not consume most of what they produce
a. True b. False Indicate whether the statement is true or false
A proposal to build a dam on a wild river may look like a good idea from the cost/benefit study done by the Army Corps of Engineers, but an analysis done by the Sierra Club might suggest that the dam would be a complete waste of money. Differences in cost/benefit studies such as this are expected because:
A. at least one side is definitely making mistakes in the analysis. B. items that do not have market prices, such as the environment, are very difficult to value objectively. C. at least one side is trying to deceive the public. D. cost/benefit studies describe what people want to happen, not what will actually happen.
The nominal exchange rate is the:
A. rate at which two currencies can be traded for each other. B. quantity of foreign currency assets held by a government for the purpose of purchasing the domestic currency in the foreign exchange market. C. price of the average domestic good or service relative to the price of the average foreign good or service, when prices are expressed in terms of a common currency. D. market on which currencies of various nations are traded for one another.