During periods of poor economic performance, real GDP
A) declines and unemployment declines.
B) is unchanged but unemployment rises sharply.
C) declines and unemployment rises.
D) declines but unemployment typically does not change.
C
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Last year, Anthony Millanti earned exactly $30,000 of taxable income. Assume that the income tax system used to determine Anthony's tax liability is progressive
The table below lists the tax brackets and the marginal tax rates that apply to each bracket. a. Draw a new table that lists the amounts of income tax that Anthony is obligated to pay for each tax bracket, and the total tax he owes the government. (Assume that there are no allowable tax deductions, tax credits, personal exemptions, or any other deductions that Anthony can use to reduce his tax liability). b. Determine Anthony's average tax rate. Tax Bracket Marginal Tax Rate $0-5,000 0.05 (5%) 5,001-10,000 0.10 (10%) 10,001-15,000 0.15 (15%) 15,001-20,000 0.20 (20%) 20,001-25,000 0.25 (25%) 25,001-30,000 0.30 (30%)
The period between a business cycle peak and the subsequent trough is called
a. a recession. b. a complete cycle. c. an expansion. d. a change in economic trend.
The term "economic freedom" means
A) the right to own private property. B) the right to trade goods and services. C) the right to own financial assets. D) all the above.
A long-run supply curve is more sensitive to price changes than is a short-run supply curve
Indicate whether the statement is true or false