The official definition of a recession is when real GDP declines for two consecutive quarters
a. True
b. False
B
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Use the aggregate expenditures model and the following values to answer the next question. AMPCIGT$7500.5$1,000$1,000$500Determine equilibrium consumption for this economy.
A. $3,500 B. $3,250 C. $3,000 D. $2,500
Suppose that over a period of years the country of Quasiland switched from being an agriculturally-based economy to a technologically-based economy. As a result, many people lost jobs because they lacked the correct skills
As they search for new jobs, these people are part of A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) discouraged workers.
Explain the optimal strategy that a price discriminating firm would use when pricing in markets with different elasticities
What will be an ideal response?
Suppose that there is a positive aggregate demand shock and the central bank commits to an inflation rate target. But if the commitment is not credible, then
A) the public's expected inflation will remain unchanged. B) the short-run aggregate supply curve will rise. C) over time inflation will fall back down to the inflation target. D) all of the above. E) both A and B.