In a recession, GDP:
a) Grows negatively
b) Grows slowly
c) Grows by 0%
d) Grows rapidly
Answer: a) Grows negatively
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Refer to the accompanying figure. When this market is in equilibrium, total producer surplus in the market is ________ per day.
A. $500 B. $375 C. $0 D. $250
Why do policymakers sometimes use policies to limit growth?
What will be an ideal response?
Economists use the word "capital" to mean
A) purchases in the market for stocks and bonds. B) the tools, instruments, and other produced goods used to produce goods and services. C) the workers that firms employ to produce goods and services. D) the funds that firms use to buy and operate their businesses. E) people's skills and talents.
If technological change occurs in the economy
A) we will move up along the long-run aggregate supply curve. B) we will move down along the long-run aggregate supply curve. C) the long-run aggregate supply curve will shift to the right. D) the long-run aggregate supply curve will shift to the left.