Which of these economic variables is countercyclical?
A) investment spending
B) unemployment
C) demand for foreign products
D) all of the above
E) none of the above
B
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Refer to the scenario above. What is the total cost involved if Maria chooses to travel by train?
A) $60 B) $400 C) $420 D) $460
A supply curve shows the relationship between:
A) output and the total cost of production. B) output and prices. C) output and consumer income. D) output and revenue.
Fill in the blank: ________ is another term for a decline in real GDP is
A) Deflation. B) Inflation C) Economic growth D) Recession E) Unemployment