In 2009, actual output in the U.S. was 4.7 percent below the potential output. This implies that the:
a. unemployment in the U.S. was below its natural rate.
b. poverty level in the U.S. was below average.
c. there was a recessionary gap in this economy
d. there was an expansionary gap in this economy.
e. there was an excess demand in this economy.
c
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Which of the following is likely to be included in a country's Gross Domestic Product in a particular year?
A) An unsold inventory of automobiles produced in that year B) The total amount steel used in the production of automobiles in that year C) The total amount of flour used by bakeries to make bread in that year D) An unused stock of goods produced in the previous year
The world rate of population growth is closest to
(a) 1%. (b) 2%. (c) 3%. (d) 4%.
Nontariff barriers to trade are less transparent than tariffs
Indicate whether the statement is true or false
An increase in the interest rate tends to increase the demand for loanable funds
a. True b. False