GDP underestimates our economic well-being:
a. for of all the following reasons.
b. because it includes the value of work done by nannies.
c. because it ignores leisure.
d. because it includes the value of work done by householders.
e. because it includes the value of work done by illegal immigrants.
c
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Credit risk is:
a. The chance of a change in the market value of a security due to changes in macroeconomic variables, such as interest rates or exchange rates. b. The risk that credit cannot be expanded by the banking system due to central bank regulations. c. The chance that you will not be able to get a credit card when you really need it. d. The chance that borrowers will be unable or unwilling to repay their debts. e. The chance that a company will not be able to get a loan (i.e., credit) when it needs funding.
Which of the following is the first step in empirical economic analysis?
A. Collection of data B. Statement of hypotheses C. Specification of an econometric model D. Testing of hypotheses
The cost to a member bank of borrowing from the Federal Reserve is called the:
A. reserve requirement. B. price of securities in the open market. C. discount rate. D. yield on government bonds.
Microeconomics is concerned with the market price and equilibrium quantity of each good or service.
Answer the following statement true (T) or false (F)