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- which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1954? Check all that apply A. Consumer spending increased B. Industrial production declined C. Retail sales increased C. Home sales declinedInflationary GDP is the amount by which equilibrium real GDP falls short of the full employment level of GDP. True or FalseWhich of the following is correct?a. Economic fluctuations are easily predicted by competent economists.b. Recessions have never occurred very close together.c. Spending, income, and production do not fluctuate closely with real GDP.d. None of the above is correct.
- Which of the following is correct?a. Real GDP is the variable most commonly used to measure short-run economic fluctuations. These fluctuations can be predicted with some accuracy.b. Real GDP is the variable most commonly used to measure short-run economic fluctuations. It is almost impossible to predict these fluctuations with much accuracy.c. Nominal GDP is the variable most commonly used to measure short-run economic fluctuations. These fluctuations can be predicted with some accuracy.d. Nominal GDP is the variable most commonly used to measure short-run economic fluctuations. It is almost impossible to predict these fluctuations with much accuracy.What common rule of thumb do economists use to define a recession? A decline of 5% in GDP A decline of 10% in GDP One quarter of negative GDP growth Two quarters (six months)of negative GDP growthIf x is useful for predicting future GDP then a. x is countercyclical. b. x is coincident. c. x is a lagging variable. d. x is a leading variable.
- Deflation is particularly bad for an economy in recession for all of the following reasons EXCEPT a-with deflation people spend less expecting prices to be lower in the future b- the rising prices makes goods more expensive c- with deflation the value of assets declines while the value of loans does not - this lowers wealth and further depresses spendingRead the following extract and answer questions?South Africa’s economy grew by 1.1% in the first quarter of the year Stats SA has published the latest gross domestic product (GDP) data covering the first quarter of the year, showing that the economy grew by 1.1% in the first three months of 2021.The growth follows a revised 1.4% rise in real GDP in the fourth quarter of 2020. On an annualised basis, theeconomy grew 4.6% quarter-on-quarter. Following confusion caused by the annualisation of GDP data in 2020 – amid the Covid-19 pandemic andresulting lockdowns – Stats SA said it would no longer use the annualised data as the headline GDP statistic. During periods of steady economic growth, annualising is a useful way of expressing quarter-on-quarterperformance in annual terms, Stats SA said. However, during periods of economic instability, annualising can be misleading, because it exaggerates growth rates that are unlikely to be repeated. Given the information about the South African…Select the statement below which highlights the role of real GDP: “The growth in real GDP has been much lower than expected over the last few years and... Group of answer choices Unemployment has been rising as a result creating hardship for many in the country. The country is currently in a mild but lasting recession. Inflation is making the growth numbers more optimistic. The government needs to adjust how GDP is being measured
- Which of the following economic environments would most likely be associated with a recession? Unemployment falling to 30-year low Unemployment increasing from 5% to 9% during the year New businesses opening in record numbers while new housing starts reach a 10-year high GDP growing at an annual rate of 4.2%Refer to the statement below and answer the following questions: Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said Malaysia is expected to continue recording a slower economic growth in 2Q 2020 due to the Covid-19 pandemic, based on the near-term economic direction portrayed by the Leading Index (LI) for the reference month of February 2020. Mohd Uzir said GDP growth for 1Q 2020, meanwhile, was dragged by negative growth across all sectors except for services and manufacturing which grew 3.1% and 1.5% respectively. "Private final consumption expenditure in this quarter was on essential products such as food and non-alcoholic beverage, communication and housing, water, electricity and other fuels," he said in a statement on Malaysia's economic performance in 1Q 2020, today. He added that the Movement Control Order (MCO), which began on March 18, has resulted in lower household expenditure, which in turn, directly affected the industries related to food and beverage,…Match the term to the definition Occurs when equilibrium GDP is greater than full employment GDP Occurs when equilibrium is less than full employment GDP A. Recessionary GAP B. Inflationary Gap