Gross Domestic Product measures the market value of all intermediate goods and services produced in the world during a given period, usually a year
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false
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Society's production possibilities frontier
a. helps explain the immense complexity of the real economy b. demonstrates that, although resources are scarce for individuals, there is no problem of scarcity for society as a whole c. is based on unrealistic assumptions and therefore has no value as an economic tool d. is based on simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth e. is based on the assumption that technology is constantly changing
In the 1970s, the main economic problem was
A. stagflation. B. huge budget surpluses. C. a slow growing money supply. D. an economy that was expanding too rapidly.
An increase in the real interest rate will
What will be an ideal response?
The ratio of trade to GDP for the U.S. has roughly tripled since the 1960s
Indicate whether the statement is true or false