Suppose the population falls by 1 percent. For the standard of living to rise
a. nominal GDP can fall by as much as 1 percent
b. nominal GDP must grow by at least 1 percent
c. real GDP must grow by at least 1 percent
d. real GDP must fall by at least 1 percent
e. nominal GDP must fall by more than 1 percent
A
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A coincident indicator will change before a recession begins
a. True b. False Indicate whether the statement is true or false
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. At the end of the day, Jerry could have produced:
A. 14 dishes and 7 fences. B. 12 dishes and 6 fences. C. 10 dishes and 5 fences. D. 6 dishes and 4 fences.