Goods and services that are consumed by the ultimate user are called ________ goods and services.
A. nominal
B. final
C. value added
D. intermediate
Answer: B
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Discuss the relationship between PPP and the Law of One Price
What will be an ideal response?
Which of the following is NOT considered to be an economic resource?
A) your economics professor B) the telephone company repair truck C) the local gas station D) a view of the stars on a clear night
If net exports decrease by $10 billion and the MPC is 0.9, what is the ultimate change in GDP?
a. $100 billion b. -$10 billion c. $10 billion d. -$100 billion e. -$9 billion
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline