The current value of real GDP is
A. less than $10 trillion
B. between $10 trillion and $14 trillion
C. between $14 trillion and $18 trillion
D. more than $18 trillion
Ans: C. between $14 trillion and $18 trillion
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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
Unlike previous and future wars, the United States' federal government did not need to impose an income tax to finance the Civil War (1861–1865)
Indicate whether the statement is true or false
Comparative advantage refers to a country's:
A. Ability to produce a specific good with fewer resources than another country. B. Monopoly power in the world market for a specific good. C. Ability to sell a specific good for a higher price than another country. D. Ability to produce a specific good at a lower opportunity cost than another country.
Discouraged workers are classified by the BLS as
A) part of the labor force. B) not in the labor force. C) unemployed. D) employed. E) part-time employees.