Measuring a Nation's Income
1. In years of economic contraction, firms throughout the economy increase their production of goods and services, employment rises, and jobs are easy to find.
ANS: F DIF: 1 REF: 23-0
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economic expansion MSC: Definitional
2. Macroeconomic statistics include GDP, the inflation rate, the unemployment rate, retail sales, and the trade deficit.
ANS: T DIF: 1 REF: 23-0
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