Recessions in the United States typically are:
A. widely felt outside the United States.
B. limited to specific regions of the country.
C. limited to a few industries.
D. confined to the domestic economy.
Answer: A
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The CPI is the average price of all goods and services produced within the economy
Indicate whether the statement is true or false
Growth in potential GDP in the United States is estimated to be about
A) 8.25% per year. B) 5.0% per year. C) 3.2% per year. D) 1.5% per year.
How are net exports, net factor payments from abroad, and the current account balance related?
What will be an ideal response?
Economists assume that households and firms share two important characteristics. One of these characteristics is that
A) they smooth spending during recessions and expansions. B) they act rationally to meet their objectives. C) they only consider the present when making decisions. D) the growth rate in spending by each is equally volatile.