An expansion
A) follows a peak.
B) is defined as a period of negative real GDP growth.
C) comes just before a trough.
D) is defined as a period of real GDP increases.
D
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When the absolute price elasticity of demand is less than 1, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
In macroeconomics, the long run refers to:
A. how long it takes for prices of inputs to fully adjust to changes in economic conditions. B. the time period when sticky wages are in place. C. how long it takes for output decisions to adjust to changes in economic conditions. D. how long it takes for fixed inputs to become variable.
If the demand curve for a commodity faced by sellers is highly elastic, buyers have greater ability to substitute away from it
Indicate whether the statement is true or false
Which of the following factors important in determining our standard of living are not reflected in the Gross Domestic Product?
A. The value of leisure, the quality of our environment, improvements in products quality. B. The value of our imports and exports, the value of leisure. C. The value of our imports, the improvements in product quality.