The period of declining growth in real GDP between the peak of the business cycle and the trough is called a(n):
A. recessionary phase.
B. expansionary.
C. recovery phase.
D. stationary phase.
Answer: A
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When Jamie purchases a classic 1968 Plymouth Cuda convertible from Shane, GDP
A) does not change, because the car was not produced this year. B) increases, because the car is a durable good and increases consumption. C) increases, because the car is a durable good and increases investment. D) does not change, because Jamie did not buy the car from a dealershi
Refer to the above figure. At a price of $2, excess quantity demanded equals
A) 0. B) 3. C) 12. D) 15.
When consumption of a good or service produces benefits or costs that are not reflected in the market price for the good, this is known as a(n)
a. externality b. common pool problem c. nonexcludable resource d. public good e. renewable resource
Union membership has fluctuated during the last several decades. Which of the following statements best describes the effect of unions on the share of total output allocated to labor?
a. The share of output going to labor has been virtually constant, even though union membership as a share of the labor force has fluctuated. b. The share of total output going to labor has followed the same pattern as the business cycle in recent years. c. The share of total output going to labor rose as union membership rose from 1945 to 1960 and fell as union membership declined during the 1960 through 2000 period. d. The share of total output going to labor has increased substantially, even though during the last several decades union membership has declined.