An unmarried couple holding joint title to their condominium constitutes a household
a. True
b. False
Indicate whether the statement is true or false
True
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Within the framework of the aggregate expenditures model, what will happen if an economy is operating at a real GDP greater than full-employment real GDP?
a. An inflationary gap exists. b. Real GDP will fall. c. The inventories of firms will rise. d. Firms will cut back on their current rate of output.
During the 2008-2009 recession real GDP fell by about
a. 2% b. 4% c. 6% d. 8%
Refer to the given data. If the economy was opened to free trade and the world price of $1 prevailed, the price and quantity sold of this product would be:
Answer the question on the basis of the following domestic supply and demand schedules for a product. Suppose that the world price of the product is $1.
A. $1 and 1 unit.
B. $1 and 16 units.
C. $3 and 7 units.
D. $2 and 11 units.
An increase in the price level and a reduction in output would result from
a. a fall in stock prices. b. a decrease in the supply of an important resource. c. an increase in government expenditures. d. an increase in taxes.