Many economic policies fail for all of the following reasons except
A. It is difficult to accurately measure economic performance.
B. Politicians and economists work together in formulating policies.
C. Economic forecasts may be inaccurate.
D. There are significant lags in response to policy implementation.
Answer: B
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As an economic expansion approaches its peak, it is very likely that real GDP will
A) exceed nominal GDP. B) exceed potential GDP. C) equal nominal GDP but not potential GDP. D) be less than potential GDP. E) equal nominal GDP and equal potential GDP.
Crowding out refers to the effect that deficits have on private investment spending
a. True b. False Indicate whether the statement is true or false
In macroeconomics, a period during which some resource prices, especially those for labor are fixed by explicit or implicit agreement is called:
a. expansionary gap b. contractionary gap c. short-run d. long-run
New trade theory is very useful in explaining trade patterns
a. true b. false