The business cycle describes
A) the change in the standard of living across countries.
B) the change in potential GDP over time.
C) the behavior of real GDP over time.
D) the behavior of nominal GDP over time.
E) the behavior of GNP over time.
C
Economics
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Which of the following is an assumption used in deriving a production possibilities curve?
A) Poverty always exists in society. B) The wages in an industry increase constantly. C) Prices will continue to increase. D) The amount of resources is fixed.
Economics
Which of the following is a shortcoming of GDP?
a. GDP measures used goods and services. b. GDP includes changes in inventories. c. GDP includes the value of net exports. d. GDP does not make an allowance for leisure time.
Economics