The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. Turning PointDateReal GDP (1996 $ billions)(A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0 Which of the turning points are troughs?
A. (C), (D), and (E)
B. (B) and (D)
C. (A), (B), and (C)
D. (A), (C), and (E)
Answer: B
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a. a 2 cent subsidy. b. a 2 cent excise tax . c. a 3 cent excise tax . d. an 8 cent excise tax.
When a nonprice change affects any of the four components of GDP the:
A. aggregate demand curve will shift left or right. B. economy will move up or down along the aggregate demand curve. C. aggregate demand curve will remain unaffected. D. aggregate supply with shift left or right.
People who receive the benefit of a good without contributing to its costs of production are called
a. contributors in kind. b. free riders. c. frequent flyers. d. cost maximizers.
In 2012, the imaginary nation of Dorados had a population of 8,000 and real GDP of 3,000,000 . During the year its real GDP grew by about 2.9%. Which of the following sets of growth rates is consistent with this growth in real GDP?
a. 2% population growth and 6% real GDP growth b. 6% population growth and 2% real GDP growth c. 4% population growth and 7% real GDP growth d. 7% population growth and 4% real GDP growth