Refer to the above graph. A budget deficit would be associated with GDP level:
A. L.
B. K.
C. J.
D. no GDP level.
Answer: C
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A common definition of a recession is a time with
A) a decline in the price level. B) a decline in interest rates. C) a decrease in real GDP for two or more successive quarters. D) a decrease in real GDP for two or more successive years.
Comment on the following statement: "Firms should maximize the difference between marginal revenue and marginal cost."
What will be an ideal response?
Which of the following statements is FALSE?
A. The economy is in equilibrium when saving equals investment. B. The classical school believed we are always tending toward full employment. C. The classical economists' aggregate supply curve is vertical in the short run. D. The economy is in equilibrium when aggregate demand equals aggregate supply.
If a dominant firm charged a very high price for its product, the firm ________ face scrutiny by the European Union competitive laws and ________ face scrutiny by the United States antitrust agencies.
A) would not necessarily; would B) would; would not necessarily C) would not necessarily; would not necessarily D) would; would