As measured, GDP omits which of the following?
i. Illegal sales of goods and services
ii. Changes in the amount of leisure time
iii. Household production of goods and services
A) i and ii B) ii and iii C) i only D) i, ii, and iii E) i and iii
D
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If the Fed wishes to increase nominal interest rates, it must engage in an open market ________ of bonds to ________ the money supply.
A. sale; increase B. sale; keep constant C. sale; decrease D. purchase; increase
The law of diminishing marginal utility explains why
A. economists think that utility is a fallacy. B. consumers optimize by spending all of their income. C. individual demand curves have a negative slope. D. marginal utility rises as total utility falls.
The fee for overdraft privileges are usually between $______ and $______.
Fill in the blank(s) with the appropriate word(s).
The notion that buyers determine what will be produced by choosing what they purchase is called consumer sovereignty.
Answer the following statement true (T) or false (F)