An increase in a consumer's income will always increase the demand for a good
a. True
b. False
Indicate whether the statement is true or false
False
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The body that is responsible for dating the beginning and ending dates for a recession is
A) the Congress. B) the National Bureau of Economic Research. C) the Bureau of Economic Analysis. D) the Fed.
When actual real GDP is equal to the natural real GDP, the unemployment rate is
A) zero. B) at its "natural" rate. C) accelerating. D) decelerating.
If a competitive firm's marginal cost curve is U-shaped then
A) its short run supply curve is U-shaped too B) its short run supply curve is the downward-sloping portion of the marginal cost curve C) its short run supply curve is the upward-sloping portion of the marginal cost curve D) its short run supply curve is the upward-sloping portion of the marginal cost curve that lies above the short run average variable cost curve E) its short run supply curve is the upward-sloping portion of the marginal cost curve that lies above the short run average total cost curve
The GDP deflator measures how prices change over time
Indicate whether the statement is true or false