Workers in a nearby pizza restaurant may indirectly enjoy income increases from a nearby construction work site.
Answer the following statement true (T) or false (F)
True
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The cyclically adjusted budget deficit calculates the budget surplus or deficit at
A) potential GDP. B) average GDP. C) real GDP. D) nominal GDP.
Suppose that quantity demand rises by 10% as a result of a 15% decrease in price. The price elasticity of demand for this good is
a. inelastic and equal to 0.67. b. elastic and equal to 0.67. c. inelastic and equal to 1.50. d. elastic and equal to 1.50.
A large "T-statistic" tell us that
A) a tiny change in the independent variable will cause a relatively large change in the dependent variable. B) we do not have enough data to obtain an accurate regression line. C) we can be confident that our estimated coefficient is not zero. D) we should have included more "lags" in our model. E) we have incorrectly switched the dependent and independent variables in our model.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher