Measured in 2014 dollars, real GDP per person in the United States in 2014 was about 10 times that in
a. China.
b. India.
c. Indonesia.
d. Pakistan.
b
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If the Fed buys government securities from commercial banks in the open market ________.
A. commercial banks give the securities to the Fed, and the Fed decreases the banks' reserves B. the Fed gives the securities to the commercial banks and decreases the banks' reserves C. commercial banks give the securities to the Fed, and the Fed increases the banks' reserves D. the Fed gives the securities to the commercial banks and increases the banks' reserves
In the circular flow model, which of the following owns the factors of production?
A) only federal, state, and local governments B) only households C) only firms D) both firms and households E) firms, households, and all levels of government
Joe has $50, which he spends on movies and pizza. If the price of a pizza falls, Joe can
A) consume more of both goods. B) consume more pizza only if he gives up some movies. C) consume more movies only if he gives up some pizza. D) consume more pizza only.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.