In 2015, U.S. GDP was almost
a. $18 trillion.
b. $15 trillion.
c. $14 trillion.
d. $12 trillion.
a
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What is the difference between a recessionary gap and an inflationary gap?
What will be an ideal response?
Explain why the European Union's current combination of rapid capital migration with limited labor migration may actually raise the cost of adjusting to product market shocks without exchange rate change?
What will be an ideal response?
If a farmer produces 1000 bushels of corn using ten acres of land and one tractor and is able to produce 2000 bushels of corn using twenty acres of land and one tractor, the farmer has
A) increasing returns to scale. B) constant returns to scale. C) decreasing returns to scale. D) no returns to scale.
Which of the following will result from an epizootic affecting sheep reared for wool?
a. The epizootic would lower people's preference for woolen clothes. b. The price of new woolen clothes would rise. c. The epizootic would lower people's preference for synthetic coats. d. The production of new woolen clothes would rise.