Which of the following probably occurred as the U.S. economy experienced declining real GDP in 1948? Check all that apply. Car sales increased. Consumer spending increased. Corporate profits declined. The unemployment rate increased.
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- You are the chair of the Malaysian Economic Council. There has been an extremely hot weather due to a climate change. As a result, crop production has fallen drastically. The Prime Minister’s office calls you to discuss the impact on the economy. Would you explain to the Prime Minister that a sharp drop in Malaysia’s crop production would cause inflation, unemployment or both? Discuss.A recession is a decline in the inflation rate that lasts six months or longer the unemployment rate that lasts six months or longer real GDP that lasts six months or longer potential GDP that lasts six months or longer33. What was there from 1980-2010
- The government decides that it will cut taxes in an attempt to move the economy out of a severe recessionexamine the relationship between total spending by government and consumers in a nation and the location of the countries’ GDP on the business cycle.Describe how a country of your choice’s economy is measured. Explain why it is desirable for a country to have a large GDP. Evaluate the impacts of stimulus checks on each of the components of the U.S. GDP. Identify something that would raise GDP and yet be undesirable?
- When actual GDP does not rise as fast as potential GDP, the economy most likely will experience inflation recession economic growth falling unemploymentAn inexperienced researcher wants to examine the average standard of living in two countries. In order to do so, he compares GDP in those two countries. This comparison will not lead to an accurate measure of the countries’ average standards of living because of differences in: price levels and population. population and unemployment. inflation and unemployment. price levels and interest rates.What term is used to describe the total value of all the goods and services produced in a country over a specific time period? A) Gross Domestic Product (GDP) B) Consumer Price Index (CPI) C) Balance of Trade D) Fiscal Deficit
- When the pandemic hit in the beginning of 2020, everything came to a halt. In a single month, 17 million Americans lost their job, and the gross domestic product (GDP), which is how economists measure the total value of a country's products and services, declined by US$2.15tn (£1.55tn). Economists were hopeful that across the world government spending and monetary policy would keep the economy from totally collapsing. During the first wave of lockdowns and stay-at-home orders since December 2019, it was clear that industries that relied on in-person customers - like travel and some retail - were going to struggle, while others would more easily adapt to the "new normal". Tech-heavy companies that delivered products or services to people's homes—like Amazon, Netflix, and Shopify—thrived. To improve the impact of the pandemic, most countries adopted an expansionary monetary policy. The change in the real interest rate influenced the goods market. Aggregate demand changed but there was no…Holding all factors of production constant except for labor, what happens in an economy when real GDP output increases? The unemployment rate falls and in employment rate increases. The level of technology increases as the economy expands. The level of capital increases as the economy expands. All of the answers are correct.When the economy is weak, fear of losing jobs cause consumers to cut back on spending. True False