Computer forecasting models have
a. been able to forecast changes in the growth rate of real GDP with considerable accuracy.
b. had only limited success predicting turns in key economic variables such as real GDP.
c. been able to accurately forecast the future direction of inflation but not real GDP.
d. been able to accurately forecast the future direction of real GDP but not inflation.
B
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The economic expansion which began in March 1991 was unusual in that
A) the first year and a half of the expansion was very weak and unemployment did not peak until 16 months after the trough. B) the inflation rate decelerated from 1993 to 1997 rather than accelerating. C) monetary policy was tightened substantially in 1994 even though there was no evidence of accelerating inflation. D) all of the above.
High budget deficits may:
a. encourage overly expansionary fiscal policy. b. create higher inflation. c. increase the risk of sovereign debt default. d. all of the above.
The market demand curve is ____ and the demand curve for a single firm in a competitive market is ____
A) horizontal, horizontal B) downward sloping, horizontal C) downward sloping, downward sloping D) horizontal, downward sloping
Since countries differ in the amount of economic activity that is transacted in organized markets,
a. some countries are more productive than others. b. persons live better in some countries than others. c. international comparisons of per capita GDP are often misleading. d. comparisons between countries are totally impossible.