During recessions declines in investment account for about
a. 1/6 of the decline in real GDP.
b. 1/7 of the decline in real GDP.
c. 1/3 of the decline in real GDP.
d. 2/3 of the decline in real GDP.
d
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Research by Richard Layard indicates that an increase in a country's level of output per capita will
A) always increase happiness in that country. B) always decrease happiness in that country. C) generally have no effect on happiness in that country. D) increase happiness in that country if output per capita is relatively low.
A demand shock
a. is any event that causes the aggregate demand curve to shift b. is usually caused by a change in the price level c. is usually caused by a change in real GDP d. can be traced back to a shift in the economy's production possibilities frontier e. is generally a good thing for the economy