A growth recession is characterized by
A. An increasing unemployment rate with substantial inflation.
B. A negative growth rate with a low inflation rate.
C. A positive growth rate below 3 percent annually.
D. An increasing unemployment rate with moderate inflation.
Answer: C
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If an increase in the price of Product X causes an increase in the demand for Product Y, we can conclude that: a. Products X and Y are complements. b. Products X and Y are substitutes
c. Products X and Y are normal goods. d. The price of Product Y will decrease.
How do future expectations about the price of a good affect the present supply?
(A) If the price is expected to decrease, many producers will hold onto their supply. (B) If the price of a related good is expected to increase, only a few sellers will hold onto their supply until the increase occurs. (C) If the price is expected to increase, many producers will hold onto their supply. (D) If the price is expected to increase and then decrease, most sellers will hold onto their supply until the decrease has occurred.
Differences in size of real GDP across countries are best explained by
A. Human capital. B. Large farming sector. C. Population growth. D. None of the choices are correct.
New York City has been experiencing a housing emergency for quite some time. Apartments are difficult to come by. In fact, the vacancy rate has been below 5 percent since World War II. The most likely cause of the housing emergency is:
A. a price ceiling on rent lower than equilibrium price. B. too high incomes in New York City. C. a lack of a rationing mechanism to distribute existing apartments. D. a price floor on rent higher than equilibrium price.