An expansionary gap is equal to:
a. real GDP minus nominal GDP
b. nominal GDP minus real GDP.
c. the actual short-run output minus potential output.
d. the actual price level minus expected price level.
e. the actual long-run real GDP minus actual short-run disposable income.
c
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What would happen to measured GDP if more people started hiring workers to do household chores such as cooking and cleaning?
What will be an ideal response?
Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption?
A) public goods B) private goods C) quasi-public goods D) common resources
An example of a good that can be used for money that has no intrinsic value is:
A. gold. B. paper dollar bills. C. cigarettes. D. Hershey kisses.
When demand increases,
a. consumers are willing and able to purchase more of the good at every price b. consumers are willing and able to purchase less of the good at every price c. there is a movement to the right along the demand curve d. this is referred to as a change in quantity demanded e. the price will tend to fall