The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. Turning PointDateReal GDP (1996 $ billions)(A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0 Which of the turning points are troughs?
A. (C), (D), and (E)
B. (B) and (D)
C. (A), (B), and (C)
D. (A), (C), and (E)
Answer: B
Economics
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In the loanable funds market,
a. savers are suppliers of loanable funds, and borrowers are demanders of loanable funds b. the supply curve slopes downward, and the demand curve slopes upward c. the supply curve reflects the negative relation between the market rate of interest and the quantity of savings d. households play the role of financial intermediaries e. banks pay a higher interest rate on consumer savings than they could earn by lending these funds out
Economics