When real GDP exceeds the natural rate of output, the economy experiences a recessionary gap
a. True
b. False
Indicate whether the statement is true or false
False
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All of the following are part of the "individual mandate" provision of the Patient Protection and Affordable Care Act (ACA) except
A) individuals who do not acquire health insurance will be subject to a fine. B) with limited exceptions, every resident of the United States will be required to have health insurance that meets certain basic requirements. C) in 2016, fines for not having health insurance are the greater of $695 per person or 2.5 percent of income. D) individuals were allowed to opt out of the insurance program if they could prove they had no serious health issues and did so before the act fully took effect in the year 2014.
Measures of the Solow residual show it to be
A) strongly procyclical. B) mildly procyclical. C) mildly countercyclical. D) strongly countercyclical.
Do macroeconomic issues concern the well-being of the typical individual member of an economy?
A) No, since we are focusing on the behavior of aggregate quantities. B) No, since most individuals have little contact with other economies in the world. C) Yes, since macroeconomic events have widespread effects on everyday lives. D) Yes, since macroeconomics focuses on the decisions constantly being made by the average individual.
The rate of unemployment in a country is unrelated to its level of GDP
a. True b. False Indicate whether the statement is true or false