When deciding whether the economy has entered an economic recession, the NBER's Business Cycle Dating Committee examines and compares the behavior of various measures of broad activity
The measures the committee focuses on include all of the following except A) real GDP measured on the product and income sides.
B) production data for specific, individual industries.
C) economy-wide employment.
D) real income.
B
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If income doubles and the quantity demanded of good x more than doubles, then good x can be described as a:
a. substitute good. b. complement good. c. necessity. d. luxury.
The idea that a large national debt is "mortgaging the future of our children and grandchildren" is misleading because:
a. it is the Federal Reserve that will be responsible for making interest payments on the debt. b. future generations will have to bear the opportunity costs of the resources that are used today. c. future generations will not be liable for the interest obligations of the national debt. d. future generations will inherit the interest income as well as the interest obligations.