Which of the following represents the total value of all final goods and services produced in a given period, adjusted for inflation?
a. gross domestic product (GDP)
b. gross domestic product (GDP) growth rate
c. rate of inflation
d. real gross domestic product (RGDP)
d. real gross domestic product (RGDP)
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If the marginal propensity to consume is 0.80, the value of the spending multiplier will be 5
a. True b. False Indicate whether the statement is true or false
The demand curve for labor would shift leftward as the result of a(n)
A. decrease in the productivity of labor. B. increase in the price of labor. C. decrease in the price of capital, provided the output effect exceeds the substitution effect. D. increase in the price of the product labor is producing.
One way to deal with the efficiency problem of monopolies is to tax the profits of monopolists.
Answer the following statement true (T) or false (F)
Business cycles are
A) irregular, with some having two recessions and no expansion. B) predictable, with a recession following a trough. C) unpredictable, but always have two phases and two turning points. D) unpredictable, and don't always have two phases and two turning points.