Which of the following percentages is closest to the long-run average growth rate for the U.S.?
a. 15 percent.
b. 10 percent.
c. 5 percent

Suppose the economy is in long-run equilibrium. Senator A succeeds in getting taxes lowered. At the same time, Senator B succeeds in getting major restrictions on logging enacted. In the short run

a) real GDP will fall and the price level might rise, fall, or stay the same. b) the price level will fall, and real GDP might rise, fall, or stay the same. c) real GDP will rise and the price level might rise, fall, or stay the same. d) the price level will rise, and real GDP might rise, fall, or stay the same.

Refer to Table 19-18. What is the GDP deflator in 2011 if 2016 is the base year?

A) 187 B) 87 C) 8.7 D) 0.87