The most meaningful measure of economic growth is
a. the employment rate
b. the unemployment rate.
c. real GDP.
d. real GDP per capita.
d
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Refer to Table 22-4. In the table above, which countries are consistent with the predictions of the economic growth model?
A) Japan and Guatemala B) only Japan C) Botswana and Thailand D) all four countries
The Business Cycle Dating Committee, a part of the ________, officially decides when a recession begins and ends
A) federal government B) Bureau of Labor Statistics C) National Bureau of Economic Research D) Federal Reserve
The estimates of the magnitude of government spending increase needed to have ended the 2007-2009 recession in the United States vary, based on the actual size of the expenditure multiplier, and range from
A) $250 million to $1 billion. B) $50 billion to $250 billion. C) $400 billion to $2.5 trillion. D) $5 trillion to $15 trillion.