In the economic way of thinking, a rise in the real output of final goods and services can be associated with
A) a fall in the price level.
B) a rise in nominal GDP.
C) a rise in the price level.
D) a fall in nominal GDP.
E) any of the above.
E
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The fastest-growing part of the federal budget is
A) national defense. B) payments for services rendered. C) entitlements. D) government salaries.
Suppose the U.S. dollar weakens against the euro (and against other major currencies). We know with certainty that this weakening of the dollar will cause which of the following to occur?
A) a recessionary gap B) an inflationary gap C) a deflationary gap D) none of the above
Pair-wise majority voting entails:
A. voting on options that is done in pairs, and the majority vote wins. B. one vote with many options, and the option with the most votes wins. C. voters ranking all available options and the option most approved of wins. D. None of these describes pair-wise majority voting.
What is the difference between money and wealth?