In economic analysis, which of the following is considered an injection?
A. Saving
B. Taxes
C. Imports
D. Exports
Answer: D
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Consider the following data for a closed economy:
Y = $12 trillion C = $8 trillion I= $2 trillion G = $2 trillion TR = $2 trillion T = $3 trillion
A recession conventionally is defined as a decrease in
A) real GDP that lasts for at least six months. B) the growth rate of real GDP that lasts for at least six months. C) potential GDP that lasts for at least six months. D) real GDP that lasts for at least three months. E) the inflation rate that lasts for at least six months.
Refer to the figure above. If a price control is imposed at $8, what is the deadweight loss?
A) $10 B) $50 C) $65 D) $85
Legalizing all forms of illegal activities would
A. reduce both the underground economy and measured GDP. B. increase the size of the underground economy and reduce measured GDP. C. reduce the size of the underground economy and increase measured GDP. D. reduce measured GDP.