GDP stands for
A. gross domestic price.
B. general domestic product.
C. gross domestic product.
D. gross detailed product.
Answer: C
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Since Norway has close trading links with the euro zone
A) a small reduction in its price will lead to an increase in euro zone demand for Norwegian goods that is large relative to Norway's output. Thus, full employment can be restored fairly quickly. B) a small reduction in its price will lead to a decrease in euro zone demand for Norwegian goods that is large relative to Norway's output. Thus, full employment can be restored fairly quickly. C) a small reduction in its price will lead to an increase in euro zone demand for Norwegian goods that is small relative to Norway's output. Thus, full employment can be restored fairly quickly. D) a big reduction in its price will lead to an increase in euro zone demand for Norwegian goods that is large relative to Norway's output. Thus, full employment can be restored fairly quickly. E) a big reduction in its price will lead to a decrease in euro zone demand for Norwegian goods that is small relative to Norway's output. Thus, full employment can be restored fairly quickly.
An example of a non-discretionary fiscal policy is:
a. Legislation passed to improve U.S. roads and bridges. b. Increased U.S. defense spending after the September 11, 2001 terrorist attacks. c. Fixed income tax rates. d. All of the above. e. None of the above.
M2 is _______ M1
A. about five times as large as B. about one and a half times as large as C. a little smaller than D. about one third the size of E. about one eighth the size of
When a $100 bill is printed by the Fed, the Fed has a financial liability because the:
A. Fed issued the bill. B. bill will not be counted as part of M1. C. Fed is part of the government. D. Fed has the printing machine.