As an economic expansion approaches its peak, it is very likely that real GDP will
A) exceed nominal GDP.
B) exceed potential GDP.
C) equal nominal GDP but not potential GDP.
D) be less than potential GDP.
E) equal nominal GDP and equal potential GDP.
B
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In the table above, y is measured along the y-axis and x along the x-axis. The slope of the relationship between x = 0 and x = 2 is
A) -6. B) 2. C) 3. D) 6.
According to the book, the most likely time for women's friendships to fall off is between the ages of:
a. 15-20 b. 25-40 c. 45-50 d. 51-60
Exhibit 2-9 Production possibilities curve
If the economy represented in Exhibit 2-9 is operating at Point W:
A. no tractor product must be forgone to produce more food in the current period. B. resources are not fully used. C. some tractor production must be forgone to produce more food in the current period. D. increased food production would be impossible.
If the firm is producing in the long run, then the firm's average total cost curve:
A. equals the average variable cost curve. B. is less than the average variable cost curve. C. exceeds the average variable cost curve. D. equals zero.