Which of the following would be counted in U.S. GDP?
a. A new U.S.-produced radio bought by a Japanese citizen living in Kyoto
b. A used U.S.-produced computer bought by a French citizen living in Kansas
c. A new Japanese radio bought by a U.S. citizen in Rhode Island
d. A U.S. pianist's concert sales in Britain
e. Stock in Microsoft Corporation bought by a Russian citizen
A
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Scarcity can be eliminated by
A) abolishing competition. B) abolishing capitalism. C) abolishing money. D) all of the above. E) none of the above.
Contractionary monetary policy is achieved? by:
A) decreasing the amount of bank reserves and lowering the federal funds rate.
B) decreasing the amount of bank reserves and raising the federal funds rate.
C) increasing the amount of bank reserves and lowering the federal funds rate.
D) increasing the amount of bank reserves and raising the federal funds rate.
Full employment means which of the following is zero?
A. structural unemployment B. cyclical unemployment C. frictional unemployment D. aggregate unemployment
If it takes 35 years for real GDP to double, real GDP is growing at an annual rate of approximately 2%
Indicate whether the statement is true or false