According to the BLS approximately 8.4 million workers are union members in the private sector and about 7.3 million workers are union members in the public sector.
a. true
b. false
true
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If the money supply in an economy equals $1,000 and nominal GDP equals $3,000 . then according to the equation of exchange, velocity of money: a. equals 1/3
b. equals 3. c. equals 3 million. d. cannot be determined since we do not know anything about prices. e. cannot be determined since we do not know anything about real GDP.
The required reserve ratio is:
a. the minimum amount of reserves the Fed requires a bank to hold. b. the interest rate that the Fed charges banks who borrow from it. c. the interest rate on loans made by banks to other banks. d. the maximum percentage of the cost of a stock that can be borrowed from a bank, with the stock offered as collateral. e. an appeal by the Fed to banks, asking for voluntary compliance with the Fed's wishes.
What is the output effect?
What will be an ideal response?
A car that is produced in 2018 is not sold until 2019. According to the definition of GDP, in which year's GDP should it be counted?
A) 2018 B) 2019 C) Half of the sales price will count as part of 2018 GDP and half will count as part of 2019 GDP. D) The production cost will count as part of 2018 GDP while the sales price will count as part of 2019 GDP.