If manufacturer's new orders received for consumer goods are starting to fall, real GDP is most likely
A) beginning to rise.
B) bottoming out.
C) getting ready to decrease.
D) already decreasing.
C
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If our economy is growing at a constant rate of 5 percent per year, then over a period of 10 years we would expect to see which of the following?
A) nice, steady flat-line growth B) an upward sloping growth path C) a downward sloping growth path D) It is impossible to say what kind of growth path we would see.
Between 1921 and 1929 national output rose about _____%.
Fill in the blank(s) with the appropriate word(s).
Exhibit 3A-1 Comparison of Market Efficiency and Deadweight Loss
As shown in Exhibit 3A-1, if the quantity supplied is 2 million pounds of ground beef per year, the result is a deadweight loss represented by area:
A. ABEC. B. CEFD. C. EGH. D. BEF.
The principle of second best states that
A. the more inelastic the demand for a product, the less distortionary a tax on the product would be. B. the broader based the tax, the less distortionary it is. C. taxes should be constructed so that they are neutral. D. if previously existing distortions exist, a distortionary tax may actually improve efficiency.