Which of the following is a positive economic statement?
A) The temperature is too high today.
B) The temperature is 105 degrees today.
C) It is too hot to jog today.
D) I enjoy summer evenings when it cools off.
B
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When total output, income, employment, and trade decline for 6 to 12 months, the economy is in what part of the business cycle?
What will be an ideal response?
If the marginal propensity to save (MPS) is 0.1, the multiplier will be
A) 0.1. B) 1. C) 5. D) 10.
The producer's surplus is equal to the difference between how much the seller can charge for a product and how much the consumer is willing to purchase it for
a. True b. False Indicate whether the statement is true or false
If the natural unemployment rate is 5.5 percent, then the economy is in a recessionary gap when the actual unemployment rate is
A) greater than 5.5 percent. B) between 0 and 5.5 percent. C) 0 percent. D) 5.5 percent.