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If the multiplier was 2 in that period, what was the size of the economy's recessionary expenditure gap?
How does Say's law relate to the view held by classical economists that the economy generally will operate at a position on its production possibilities curve?
Explain graphically the determination of equilibrium GDP for a private economy through the aggregate expenditures model.
. What are the economic strengths and weaknesses in both? Are retailers reporting that recent sales have met their expectations?
What is the central economic idea humorously illustrated in Art Buchwald's piece, Squaring the Economic Circle?
What relationship does the MPC bear to the size of the multiplier? The MPS? What will the multiplier be when the MPS is 0, .4, .6, and 1?
The machine is expected to contribute $550 to the year's net revenue. What is the expected rate of return?
What are the basic determinants of investment? Explain the relationship between the real interest rate and the level of investment.
How do the APC and the MPC differ? Why must the sum of the MPC and the MPS equal 1? What are the basic determinants of the consumption and saving schedules?
Why are consumption and saving in the United States greater today than they were a decade ago?
Which two categories of goods or services had the greatest price increases for the month? Which two had the lowest price increases for the month?
How does that rate compare with the rate in the previous month? What were the unemployment rates for adult men, adult women, teenagers, blacks and Hispanics.
Which of the two types is most likely to be associated with a negative GDP gap? Which with a positive GDP gap, in which actual GDP exceeds potential GDP?
What effect does inflation have on the purchasing power of a dollar? How does it explain differences between nominal and real interest rates?
Explain how an increase in your nominal income and a decrease in your real income might occur simultaneously. Who loses from inflation?
Since the United States has an unemployment compensation program that provides income for those out of work, why should we worry about unemployment?
What factors make it difficult to determine the unemployment rate? Why is it difficult to distinguish between frictional, structural, and cyclical unemployment?
What are the four phases of the business cycle? How do seasonal variations and long-run trends complicate measurement of the business cycle?
How does the real GDP per capita of China compare with that of the United States?
Productivity often rises during economic expansions and falls during economic recessions. Can you think of reasons why? Briefly explain.
Provide three examples of products or services that can be simultaneously consumed by many people.
What are the four supply factors of economic growth? What is the demand factor? What is the efficiency factor?
What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita?
What were the percentage changes in nominal GDP and real GDP for the most recent quarter? What accounts for the difference?
What government agency compiles the U.S. NIPA tables? In what U.S. department is it located? Of the several specific sources of information, name one source.