What is a period of economic growth as measured by a rise in real GDP called?

(A) An expansion
(B) A contraction
(C) A peak
(D) A business cycle

Ans: (A) An expansion

Economics

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Some economists argue that the productivity slowdown from mid-1970s to mid-1990s actually didn't happen, but just "appeared" to happen because

A) exports were becoming a less important part of the economy, and it was hard to measure decreases in output from exports. B) of the high inflation levels of the 1970s. C) new environmental laws had passed and forced firms to spend to reduce pollution, and this spending did not raise output. D) increased spending on health and safety raised worker productivity.

Economics

The "no shirking constraint" (NSC) curve is

A) downward-sloping to reflect the fact that at higher wages, firms will monitor workers more to see whether they are shirking. B) downward-sloping to reflect the fact that shirking tends to be higher in lower-paying industries. C) upward-sloping because at high levels of unemployment, workers will refrain from slacking without much other incentive. D) upward-sloping because at high levels of employment, many "slacking" individuals have been hired. E) vertical because the constraint represents the absolute amount of time a firm will tolerate workers' slacking without laying them off.

Economics