Macroeconomic forecasting is made easier due to the fact that
A) real GDP is variable about trend.
B) the business cycle has a regular frequency.
C) deviations from trend in real GDP are persistent.
D) turning points are easy to predict.
C
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Profit is the difference between
A) total revenue and total explicit cost. B) total revenue and total cost. C) total revenue and variable cost. D) marginal revenue and marginal cost.
Currency includes
a. paper bills and coins. b. demand deposits. c. credit cards. d. Both (a) and (b) are correct.
According to the text, which of the following does the United States export?
A. Cars, cigarettes, corn, and farm equipment, but not education. B. Cars, cigarettes, corn, farm equipment, and services. C. Lumber but not farm equipment. D. Cars and cigarettes but not corn.
In economic theory, utility refers to the:
a) Satisfaction obtained from a good or service. b) Willingness to buy specific quantities of a good or service at a particular price. c) Additional satisfaction obtained from one more unit of a good or service. d) Decrease in satisfaction as more of a good or service is consumed.