If aggregate expenditure is less than GDP, then inventories rise and GDP falls
Indicate whether the statement is true or false
TRUE
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If the GDP deflator in 2009 was 120 compared to a value of 100 during the 2004 base year, this would indicate that
a. the inflation rate during 2009 was 20 percent. b. the general level of prices during 2009 was 20 percent higher than during 2004. c. the inflation rate during 2009 was 120 percent. d. real GDP was 20 percent higher in 2009 than 2004.
For any given quantity, the price on a demand curve represents the marginal buyer's willingness to pay
a. True b. False Indicate whether the statement is true or false
Money is
a. the most liquid asset and a perfect store of value. b. the most liquid asset but an imperfect store of value. c. not the most liquid asset but a perfect store of value. d. neither the most liquid asset and nor a perfect store of value.
Points that lie outside the production possibilities curve are ________, and points that lie inside the production possibilities curve are ________.
A. efficient; inefficient B. attainable; unattainable C. unattainable; attainable D. inefficient; efficient