How is it possible for the economy to have a recessionary gap?
a. Equilibrium is at a GDP level below full employment.
b. Equilibrium is at a GDP level equal to full employment.
c. Equilibrium is at a GDP level above full employment.
d. GDP is rising at full employment.
e. GDP is falling at full employment.
a
Economics
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Why is society's marginal social benefit curve for a public good found by vertically summing individual marginal benefit curves and not by horizontal summation as is the case for private goods?
What will be an ideal response?
Economics
Which of the following was specifically instituted to ensure a successful hard peg?
A) the Bretton Woods Agreement B) the European Monetary System C) the European Monetary Union D) the International Monetary Fund
Economics