Money that is backed solely by a government decree is referred to as fiat money
a. True
b. False
Indicate whether the statement is true or false
True
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The U.S. economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas
Indicate whether the statement is true or false
The change in consumption divided by the change in disposable income is equal to
A) real GDP. B) household saving. C) the slope of the consumption function. D) aggregate expenditure.
The variable used to measure economic growth is
A) the growth of the money supply. B) the trade surplus. C) the growth in per capita real GDP. D) the number of new jobs created.
If you win $1 million in a lottery and are paid in installments,
a. the future value of these payments is $1 million b. the present value of these payments equals $1 million if the interest rate is zero c. the present value of these payments equals $1 million if the interest rate is 10 percent annually d. the present value of the payments exceeds $1 million if the interest rate is positive e. the future value of the payments is less than $1 million if the interest rate is negative