Financial Systems
What will be an ideal response?
Mechanisms that allow something of value to be exchanged between parties
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Which of the following will cause the date that the Social Security trust fund runs out of money to be pushed further into the future?
A) a decrease in the rate of real GDP growth B) an increase in the population growth rate C) a decrease in the growth of the real wage D) all of the above
Define the natural rate of unemployment and cyclical unemployment
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output is $5.00 and the market price is $5.00. What should the firm do?
A. Increase output if the minimum possible average variable cost is $5.25. B. Decrease output if the minimum possible average variable cost is $4.75. C. Shut down if the minimum possible average variable cost is $4.75. D. Shut down if the minimum possible average variable cost is $5.25.
Which of the following allows us to compare average levels of real production per person in different nations in a way that adjusts for differences in true costs of living?
A. per capita nominal GDP based on foreign exchange rates B. nominal GDP based on purchasing power parity C. per capita real GDP based on purchasing power parity D. real GDP based on foreign exchange rates