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Anser Key Study Questions(1)

Anser Key Study Questions(1) - Econ 252x Marshall School of...

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Econ 252x Akbulut Marshall School of Business Spring 2011 Answer Key - Study Questions 1. What is a business cycle? a. The long-run growth trend of the economy. b. The short-run movements (expansions and recessions) of economic activity. c. The short-run movements (inflations and deflations) of prices. d. The relationship between political activity and economic activity. 2. A period of rising prices and high unemployment is known as 3. If a country employs many foreign workers 4. Classical economists believe that the best way to solve the problem of high unemployment is 5. Economists could agree about the effects of a particular economic policy but disagree about the desirability of implementing the policy. This would occur if they _______ about the positive analysis of the policy and _______ about the normative analysis of the policy. a. disagree; agree b. agree; agree c. agree; disagree d. disagree; disagree
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6. Average labor productivity is the 7. A farmer grows wheat, which he sells to a miller for $100. The miller turns the wheat into flour which he sells to a baker for $150. The baker turns the wheat into bread, which he sells to consumers for $180. Consumers eat bread. What is GDP in this economy?
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