Many economists describe the 2007–2009 period in the United States as being a condition of a(n)
A. deflationary gap.
B. recessionary gap.
C. inflationary gap.
D. reflationary gap.
Answer: B
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If the size of the capital stock in an economy is stationary, ________.
A. gross investment is zero B. GDP is zero C. net investment is zero D. capital consumption (or depreciation) is zero
Refer to the figure above. What is the consumer surplus after Barylia opens up to free trade?
A) $75 B) $90 C) $100 D) $125
The difference between what can be produced and consumed without specialization and trade and with specialization and trade is called:
a. comparative advantage. b. a tradeoff. c. marginal cost. d. opportunity cost. e. gains from trade.
Recall the Application about federal quality standards in the market for kiwifruit to answer the following question(s).Recall the Application. The U.S. kiwifruit information asymmetry was reduced by advertising.
Answer the following statement true (T) or false (F)