In August of this year, Jack can best estimate the current year's GDP by:
A. adjusting the first two quarterly estimates of GDP for seasonal variation.
B. taking an average of the last four quarterly estimates of GDP available.
C. multiplying the most recent quarter's GDP estimate by four.
D. looking back at previous years GDP in order to make an accurate projection.
A. adjusting the first two quarterly estimates of GDP for seasonal variation.
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If an economic agent's returns to entrepreneurship is likely to be lower than his opportunity cost of entrepreneurship:
A) he will choose to be an entrepreneur. B) he will always make profits if he chooses to be an entrepreneur. C) he will always make losses if he chooses to be an entrepreneur. D) he will not choose to be an entrepreneur.
The crowding out of private spending by government spending will be greater the
A) less sensitive consumption, investment, and net exports are to changes in the price level. B) less sensitive consumption, investment, and net exports are to changes in interest rates. C) more sensitive consumption, investment, and net exports are to changes in interest rates. D) more sensitive consumption, investment, and net exports are to changes in the price level.
If the marginal propensity to consume in a country is 0.6, then a $4,000 decrease in taxes will lead to a _____ in real GDP
a. $4,000 decrease b. $6,000 increase c. $4,000 increase d. $6,000 decrease
If a person without a job is not actively looking for work, that person is classified as not being in the labor force.
Answer the following statement true (T) or false (F)