When GDP is rising, the economy is experiencing
a. a contraction
b. a recession
c. a financial crisis
d. an expansion
e. equilibrium
D
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The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, at the equilibrium level of output,
A) resource allocation is efficient. B) resource allocation is inefficient. C) too few tons of fertilizer are produced. D) consumers must pay too high a price for fertilizer.
The marginal revenue product of an hour of labor used in steel production is equal to
A. its marginal physical product times the hourly wage rate. B. its marginal physical product times the price of steel. C. the hourly wage rate. D. its marginal physical product divided by the price of steel.
On a line graph depicting marginal revenue and marginal cost for a monopoly, the marginal revenue line will ___________ while the marginal cost line will ___________.
a. slope downward/slope upward b. remain flat/slope downward c. slope upward/remain flat d. slope upward/slope downward
A COLA automatically raises the wage when
a. GDP increases. b. taxes increase. c. the consumer price index increases. d. the producer price index increases.