Economists at the U.S. Department of the Treasury help design U.S. coins and paper money
a. True
b. False
Indicate whether the statement is true or false
False
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Gross Domestic Product is equal to the market value of all the final goods and services ________ in a given period of time
A) produced and consumed within a country B) consumed by the citizens of a country C) consumed within a country D) produced within a country E) produced by the citizens of a country
Pursuing comparative advantage means
A) adding up the plusses and minuses after a transaction. B) doing it to the other person first. C) making equal, fair exchanges for equally valued goods or services. D) sacrificing something less valuable for the sake of something more valuable. E) seeking relative status rather than absolute welfare.
Coal is required to make steel. Hence, the price elasticity of demand for coal by steel manufacturers will be
A) unit elastic. B) inelastic. C) elastic. D) perfectly elastic.
The major reasons why economists have grown increasingly skeptical about countercyclical fiscal policy are
a. irreversibility, forward looking behavior, and the reaction of the Federal Reserve. b. irreversibility, forward looking behavior, and the negative effects of imports. c. timing problems, irreversibility, and forward looking behavior, d. timing problems, irreversibility, and the reaction of the Federal Reserve. e. timing problems, irreversibility, forward looking behavior, and the reaction of the Federal Reserve.