Refer to the given data. The size of the negative GDP gap as a percent of potential GDP for the economy is:
Answer the question on the basis of the following information for a specific year in a
hypothetical economy for which Okun's law is applicable:
A. 6 percent.
B. 9 percent.
C. 12 percent.
D. 15 percent.
C. 12 percent.
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Mary decreases her consumption of Good X after the price of Good Y decreased. For Mary
A) Good X and Good Y are substitutes. B) Good X and Good Y are complements. C) Good X is an inferior good. D) Good Y is an inferior good.
The relationships between elasticity and total revenue hold because:
a. total revenue equals price divided by quantity demanded b. total revenue equals price times quantity demanded c. a drop in price has two opposing effects on the two components of the formula d. both b and c
A national chain of grocery stores wants to finance the construction of several new stores. The firm has limited internal funds, so it likely will
a. demand the required funds by buying bonds. b. demand the required funds by selling bonds. c. supply the required funds by buying bonds. d. supply the required funds by selling bonds.
The argument a tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union is
A. the protect domestic jobs argument. B. the national defense argument. C. the dumping argument. D. the infant industry argument.