What is a period of economic growth as measured by a rise in real GDP called?
(A) An expansion
(B) A contraction
(C) A peak
(D) A business cycle
Ans: (A) An expansion
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Graphically, cost-push inflation is shown as a ________.
A. rightward shift of the AD curve B. leftward shift of the AS curve C. leftward shift of the AD curve D. rightward shift of the AS curve
Over the past year, output grew 5%, capital grew 5%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did productivity grow?
A) 0.5% B) 1.0% C) 2.2% D) 2.8%
When a business is owned and operated by a single individual who receives all of the profits and is responsible for all debts, it is known as a
A) partnership. B) conglomerate. C) corporation. D) proprietorship.
Choose the letter below that best represents the type of shift that would occur in the following situation in the United States: OPEC raises the price of its oil significantly. (See Figure 8.6.)
A. A. B. B. C. C. D. D.