Any time the economy is between a trough and a peak of the business cycle it is in a recovery phase
Indicate whether the statement is true or false
F
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Use the following table to answer the next question. GDP figures are in billions of dollars. YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What was real GDP in year 2?
A. $4,820 billion B. $4,875 billion C. $5,320 billion D. $4,911 billion
A beneficial oil-price shock increases labor demand. What happens to current employment and the real wage rate?
A) Both employment and the real wage rate would increase. B) Both employment and the real wage rate would decrease. C) Employment would increase and the real wage would decrease. D) Employment would decrease and the real wage would increase.
Higher standards of living are the result of
A) an increase in the availability of goods and services that people value. B) an increase in the general level of prices. C) trade restrictions that favor domestic industries over foreign competition. D) government subsidies that expand employment.
The value of final output produced in a given period, measured in current prices, is
A. GNP. B. Real GDP. C. Nominal GDP. D. NDP.