Suppose the federal government engages in a policy of deregulation, which makes it easier and cheaper for many of the nation’s businesses to produce goods and services. How will the US economy be impacted by this event?

A phantom unemployed person is:

Suppose the US President and Congress agree to send economic recovery checks to American citizens: $1,400 for an individual, $2,800 for a couple and $500 for each child. How will the US economy be impacted by this event?

During a typical recession, total consumer spending on houses and cars will ________ , and total consumer spending on clothing and services will __________ .

   What is the value of Real GDP for 2007, expressed in base year prices?

What happens to the economy if the observed unemployment rate falls below the natural rate of unemployment for an extended period of time?

   What is the value of Real GDP for 2007, expressed in base year prices?

If the economy falls into a recession and consumption and investment spending decline, then state and local government spending is likely to:

  What is the value of Real GDP for 2017, expressed in base year prices?

Within the context of the AD-AS Model, demand-pull inflation is illustrated as: