Investment is a
a. small part of real GDP, so it accounts for a small share of the fluctuation in real GDP.
b. small part of real GDP, yet it accounts for a large share of the fluctuation in real GDP.
c. large part of real GDP, so it accounts for a large share of the fluctuation in real GDP.
d. large part of real GDP, yet it accounts for a small share of the fluctuation in real GDP.
b
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Comovement is
A) the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth. B) the idea that the standard pattern of contraction—trough—expansion—peak occurs again and again in industrial economies. C) the tendency of many economic variables to move together in a predictable way over the business cycle. D) the idea that peaks and troughs of the business cycle occur at regular intervals.
The above figure shows an indifference map for a person's choices between leisure and consumption. Derive this person's labor supply curve for wage rates of $5, $10, and $15
What will be an ideal response?
Suppose we expect consumer prices to increase by about 30 percent between 2010 and 2020, and the minimum wage was $7.25 per hour in 2010. What should be the minimum wage in 2020 if it is set to maintain the same purchasing power as in 2010?
A) $7.25 B) $7.55 C) $9.42 D) none of the above.
Coldest Ice produces ice packs for use in lunch boxes. All of the following could be accidents for Coldest Ice except which one?
A) the ice packs failing to meet safe food temperatures B) the ice packs infringe on another firm's patent C) a successful audit D) the ice packs leak