Nobody benefits from inflation
Indicate whether the statement is true or false
F
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A recession is commonly defined as a period with
A) negative growth rate in real GDP that lasts at least one quarter. B) positive growth rate in real GDP that lasts at least one quarter. C) positive growth rate in real GDP that lasts at least two quarters. D) negative growth rate in real GDP that lasts at least two quarters.
What happens when a price floor is set above the equilibrium price?
a. The quantity demanded will exceed quantity supplied. b. The quantity supplied will exceed the quantity demanded. c. It moves the demand curve. d. It shifts the supply curve.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
The rate of growth in real GDP per person in the United States, Japan, Canada, Australia and the major European economies was highest during the period of:
A. 1870-2000 B. 1950-2000 C. 1973-1979 D. 1960-1973