U.S. real GDP in 2007 was $13.25 trillion and U.S. real GDP in 2008 was $13.31 trillion. What was the economic growth rate of the United States during this period?
A) 18 percent
B) -1.36 percent
C) 0.45 percent
D) 6.9 percent
E) $1.8 trillion
C
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When the economy is at an above full-employment equilibrium, ________
A) nominal GDP exceeds real GDP B) an inflationary gap exists C) a recessionary gap exists D) real GDP is less than potential GDP
Credit can be described as:
a. money used as a standard of deferred payment. b. savings made available to borrowers. c. fiduciary currency. d. a form of liquid asset. e. bank loans converted into commodity money.
Explain and show graphically how government deficits can "crowd out" private investment
What will be an ideal response?
A distinguishing characteristic of monopolistic competition is that there are many firms in an industry.
Answer the following statement true (T) or false (F)