At a business cycle peak, we usually have ________ real Gross Domestic Product
A) an all-time high level of
B) an all-time low level of
C) an historically average level of
D) accelerating growth of
E) the maximum growth rate of
A
You might also like to view...
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
In the short run, in which of the following ways is an expansionary monetary policy most likely to cause the real interest rate and the value of the domestic currency to change?
a. increase; increase b. increase; decrease c. no change; decrease d. decrease; increase e. decrease; decrease
Sarah gets a salary increase. Before her raise, she purchased 5 pounds of fish and 1 pound of beef stew a month. After her raise, she consumes 2 pounds of fish and 3 pounds of beef stew a month. If everything else is held constant, we know that
A. fish is an inferior good and beef stew is a normal good for Sarah. B. fish is a normal good and beef stew is an inferior good for Sarah. C. both fish and beef stew are inferior goods for Sarah. D. both fish and beef stew are normal goods for Sarah.
The above table gives the demand schedule for Billy Bob's BBQ ribs. The demand for Billy Bob's ribs over the price range of $1 per pound to $3 per pound is
A) perfectly elastic. B) elastic. C) unit elastic. D) inelastic.