In the United States economy, what is the basic measure of money?
A) wealth B) disposable income C) M1 D) commodities
C
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
GDP accounts systematically ignore
A) non-market production. B) illegal and underground production. C) barter trades. D) the market value of services provided by illegal aliens. E) all of the above.
The air travel market, which is dominated by a few large firms, is an example of
A) a monopoly market. B) an oligopolistic market. C) a perfectly competitive market. D) a monopolistically competitive market.
Considering the market for loanable funds as depicted in the given graph, a change that increased the quantity people want to save at any given interest rate would cause a new equilibrium at a:
A. lower interest rate and a higher equilibrium quantity of funds saved and invested.
B. higher interest rate and a higher equilibrium quantity of funds saved and invested.
C. lower interest rate and a lower equilibrium quantity of funds saved and invested.
D. higher interest rate and a lower equilibrium quantity of funds saved and invested.