Does the gross domestic product account measure the market value of all goods and services?
A) No, because that would include double-counting.
B) Yes, because the data is readily available.
C) Yes, except for illegally exchanged goods and services.
D) Yes, otherwise the gross domestic product accounting system is not a reliable indicator of economic activity.
A
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The immediate effect of a member bank's sale of U.S. government securities to the Fed is a(n):
a. increase in that bank's required reserves. b. decrease in that bank's required reserves. c. increase in that bank's excess reserves. d. decrease in that bank's excess reserves. e. decrease in the Fed's assets.
If, for an imaginary closed economy, investment amounts to $12,000 and the government is running a $2,000 deficit, then private saving must amount to $10,000
a. True b. False Indicate whether the statement is true or false
The goldsmith's ability to create money was based on the fact that:
A. consumers and merchants preferred to use gold for transactions, rather than paper money. B. the goldsmith was required to keep 100 percent gold reserves. C. withdrawals of gold tended to exceed deposits of gold in any given time period. D. paper money in the form of gold receipts was rarely redeemed for gold.
Vaccinations convey ________ to third parties.
A. economies of scale B. negative externalities C. public goods D. positive externalities