ch12test - Chapter 12 Test 1 T/F Early economists believed...

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Chapter 12 Test 1. T/F Early economists believed that an economy would regulate itself. 2. T/F Food is an example of a durable good. 3. T/F Cars are an example of a durable good. 4. T/F Business cycles are not minor ups and downs; but major changes in real GDP above or below normal levels. 5. T/F During expansion the economy has a rising unemployment rate and no business prosperity. 6. T/F Through the 1990's. the country had record growth, low unemployment and low inflation. 7. T/F Higher saving will eventually lead to capital deepening. 8. T/F Real GDP is not a good starting point for measuring quality of life. 9. T/F Investment goods are the structure and equipment purchased by
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businesses. 10. Which of the following is not a category of goods? a) consumer b) government c) business d) educational
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