GDP is best defined as the ________ in a given time period
A) number of final goods and services produced within a country
B) market value of the final goods and services produced within a country
C) market value of the final goods and services consumed by a nation's citizens
D) number of goods and services produced within a country
E) market value of all the goods and services produced within a country
B
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Which of the following correctly describes a wage-price spiral?
a. An increase in nominal wages causes inflation, and inflation causes workers to demand even higher wages in order to keep their real income constant. This cycle can repeat itself. b. An increase in real wages due to growth in workers' productivity causes inflation, which in turn increases workers' productivity. c. A decrease in prices causes workers to demand higher wages, which in turn puts additional downward pressure on prices. d. An increase in the price level lowers real wages leading to unemployment. This in turn puts downward pressure on prices.
Compared to the U.K. and Germany, the debt as a percentage of GDP in the US is
A. somewhat greater. B. roughly equal. C. substantially smaller. D. somewhat smaller.
A country that must reduce current consumption to increase future consumption possibilities
A) must be allocating resources inefficiently. B) must be producing along the production possibilities curve. C) must be producing outside the production possibilities curve. D) must not have private ownership of property.
The exchange rate of a currency in a black market:
A) will be less favorable to sellers of domestic currency than the official exchange rate. B) will be more favorable to sellers of domestic currency than the official exchange rate. C) will be more favorable to both the sellers and the buyers of domestic currency than the official exchange rate. D) will be less favorable to both the sellers and the buyers of domestic currency than the official exchange rate.