What has been the range of federal spending as a percentage of GDP since 1960?
a. 10 percent to 12 percent
b. 13 percent to 15 percent
c. 18 percent to 22 percent
d. 25 percent to 30 percent
c. 18 percent to 22 percent
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When the ratio of domestic prices to foreign prices rises:
A) the real exchange rate depreciates. B) the real exchange rate appreciates only when the nominal exchange rate appreciates. C) the real exchange rate appreciates only when the nominal exchange rate depreciates. D) the real exchange rate appreciates even when the nominal exchange rate is constant.
An agreement to exchange dollar bank deposits for euro bank deposits in one month is a
A) spot transaction. B) future transaction. C) forward transaction. D) deposit transaction.
A profit maximizing monopolist will hire labor up to the point where
A) marginal revenue product equals the price of the product. B) marginal revenue product is greater than the wage rate. C) marginal revenue product equals than the wage rate. D) marginal revenue product is less than the wage rate.
A recessionary gap occurs when ________ so that real GDP is ________ potential GDP
A) aggregate demand decreases; less than B) aggregate supply decreases; less than C) potential GDP decreases; greater than D) aggregate demand increases; greater than E) aggregate supply increases; less than