Gross domestic product is the
a. amount of final goods and services produced in an economy in a given year
b. value of all goods and services, measured in current market prices, produced in the economy in a year
c. value of final goods and services, measured in current market prices, produced in the economy in a year
d. amount of all goods and services produced in an economy in a given year
e. value of final goods and services produced in current market prices produced in an economy
C
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If the cross-price elasticity of demand between two goods is positive, we can assume that the two goods in question are:
A) complements. B) substitutes. C) inferior goods. D) totally unrelated to one another.
The change in nominal GDP will always exceed the change in real GDP when nominal GDP is
a. increasing and prices are unchanged. b. increasing and prices are decreasing. c. decreasing and prices are decreasing. d. increasing and prices are increasing.
To a bank, a checkable deposit is classified as
A) an asset. B) a liability. C) vault cash. D) excess reserves. E) bank capital.
Refer to the graph. Economic output in year 0 is $20 billion. What is potential output in year 1?
A. $20.4 billion B. $21.2 billion C. $20.8 billion D. $20 billion