Economists usually use the term "recession" to refer to:
a. any slowdown in the growth of real GDP.
b. zero real GDP growth.
c. two or more consecutive quarters of declining real GDP.
d. a reduction in nominal GDP lasting more than six months.
c
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Refer to Figure 13.2. Oliver's political views place him at the L4 position and George's political views place him at the C4 position
Based on the two candidates' political views, Sam Butcher decides to enter the race as a third-party candidate and he espouses political views that place him at the M position. For George to now win the election, he will have to A) stay at the C4 position. B) move to the M position. C) move to the C1 position. D) move to the L4 position.
Of the following, which is not an economic rationale for public utility regulation?
a. production process exhibiting increasing returns to scale b. constant cost industry c. avoidance of duplication of facilities d. protection of consumers from price discrimination e. none of the above
If European economies experience a period of sustained recession and the United States does not, what will happen in the United States?
a. an increase in aggregate supply b. a decrease in aggregate supply c. a decrease in aggregate demand d. an increase in aggregate demand