The demand for money in an economy is high when the _____
Fill in the blank(s) with the appropriate word(s).
price level is high.
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Which of the following best expresses the central idea of countercyclical fiscal policy?
a. Planned deficits are experienced during economic booms and planned surpluses during economic recessions. b. The balanced-budget approach is the proper criterion for determining annual budget policy. c. Actual deficits should equal actual surpluses during a period of deflation. d. Deficits are planned during economic recessions, and surpluses are utilized to restrain inflationary booms.
An economy recently reported nominal GDP of 3 trillion euro and a GDP deflator of 200 . What was real GDP?
a. 1.5 trillion euro, and real GDP is a better gauge of economic activity than nominal GDP. b. 1.5 trillion euro, but nominal GDP is a better gauge of economic activity than real GDP. c. 6 trillion euro, and real GDP is a better gauge of economic activity than nominal GDP. d. 6 trillion euro, but nominal GDP is a better gauge of economic activity than real GDP.
A change in price will lead to a change in __________ and to a change in __________, while a change in government subsidies will lead to a change in __________ and a change in the number of buyers will lead to a change in __________
A) quantity demanded; quantity supplied; supply; demand B) demand; quantity supplied; supply; quantity demanded C) quantity demanded; supply; quantity supplied; demand D) quantity supplied; quantity demanded; demand; supply E) quantity demanded; demand; quantity supplied; supply
Economics is the study of:
A. the financial concerns of businesses and individuals. B. the role of government in limiting the choices people make. C. whether we will have enough resources in the future. D. choice in the face of limited resources.