The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP (1996 $ billions)(A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0 The economy experienced an expansion that lasted from:
A. July 1953 to April 1957.
B. May 1954 to April 1957.
C. May 1954 to April 1958.
D. July 1953 to May 1954.
Answer: B
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Net taxes are indirect business taxes plus transfer payments
a. True b. False Indicate whether the statement is true or false
The output of cell phones can be added to the output of refrigerators in order to compute GDP by:
A.) Multiplying the output of each by the corresponding prices and adding these dollar values. B.) Dividing the output of each by price and adding these dollar values. C.) Adding up the physical number of cell phones and refrigerators produced. D.) Dividing dollar values of output for each by price and adding the results.
A successful market economy requires well defined property rights and
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High fuel prices and losses by smaller firms have resulted in a considerable amount of consolidation in the trucking industry, which now most closely resembles the oligopoly market structure
Indicate whether the statement is true or false