If Fredonia has a closed economy, it ________ with other countries.
A. does not negotiate
B. trades
C. does not trade
D. prevents it's citizens from traveling to other countries but trades
Answer: C
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If a country had a real GDP of $500 million, and the GDP Ddeflator was 90, what is the nominal GDP?
a. $440 million b. $540 million c. $450 million d. $550 billion
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
When the United States trades with China,
a. both countries will likely benefit. b. only United States will benefit. c. only China will benefit. d. neither country will benefit.
If people refused to use banks to create checkable deposits, the banking system would:
A. not be affected in the money creating process. B. not have a way to loan out excess reserves. C. be able to expand the money supply by more than the money multiplier indicates. D. not be able to create new money.