"Good news" about an expenditure-related indicator means that
A) it is higher than its previous value.
B) it is higher than it was expected to be.
C) it is lower than its previous value.
D) it rose faster than the rate of inflation.
B
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Suppose a tax of $10 per unit is imposed on this market. What will be the new equilibrium quantity in this market?
A. less than 70 units B. greater than 100 units C. 70 units D. between 70 units and 100 units
Suppose the economy is in long-run equilibrium. In a short span of time, there is a pessimistic revision of expectations about future business conditions and an unexpected rise in the value of the dollar. In the short run, we would expect
a. the price level and real GDP both to rise. b. the price level and real GDP both to fall. c. the price level and real GDP both to stay the same. d. All of the above are possible.