The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions
A) "when"
B) "for whom"
C) "how"
D) "why"
B
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The savings rate in an economy equals:
A) aggregate savings divided by GDP. B) GDP minus aggregate consumption. C) GDP divided by aggregate savings. D) aggregate savings multiplied by GDP.
Suppose the price level increases and real GDP remains the same. Then
A) nominal GDP must decrease. B) nominal GDP must remain unchanged. C) nominal GDP must increase. D) none of the above are true.
Suppose a bank is exactly meeting its desired reserve ratio of 10 percent and a new deposit of $75,000 is made. Immediately after the deposit is made, the bank's excess reserves equal
A) zero. B) $7,500. C) $67,500. D) It is impossible to determine without additional information.
From 1995 to 2001, the U.S. public debt relative to GDP:
A. Increased, and fell since then B. Decreased, and increased since then C. Increased steadily and continued to increase since then D. Was roughly constant, but has increased since