Answer the following questions true (T) or false (F)
1. The U.S. federal government has experienced dramatic swings in the state of its budget over the past 20 years.
2. In an open economy, the relationship between GDP (Y) and expenditures is Y = C + I + G.
3. Economists have not found a way to predict when recessions will begin and end.
1. TRUE
2. FALSE
3. TRUE
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Early industrialization was characterized by labor-saving technology, and this caused U.S. wages to be lower in the manufacturing industry than would otherwise have been the case
Indicate whether the statement is true or false
Draw individual demands for caviar for Al, Barbara, Chuck, and Denise where Al's demand is relatively inelastic, Barbara's is elastic, Chuck's is upward sloping, and Denise refuses to eat caviar at any price. Then draw the corresponding market demand
Most economists today recognize that a short-run macro failure is possible.
Answer the following statement true (T) or false (F)