The real growth rate is calculated by
A. the BLS calculating price level changes and population changes.
B. the BEA using nominal rates to reflect the GDP.
C. the BEA adjusting the GDP for inflation.
D. the BLS adjusting the GDP per capita for inflation.
Answer: C
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The size effect and the diffusion effect always occur in isolation
Indicate whether the statement is true or false
When tax code changes reduce saving incentives, the interest rate will _____ and investment will _____
Fill in the blank(s) with correct word
Economists have estimated that the cross-price elasticity of demand between beer and spirits is -0.50, the income elasticity for spirits is 1.21 and the income elasticity for wine is 5.03
These elasticities mean that beer and spirits are ________, and spirits and wine are ________. A) complements; substitutes B) substitutes; luxuries C) complements; luxuries D) normal goods; luxuries
Republicans in Congress pushed for the passage of the National Bank Act of 1863 because:
a. they wanted the executive branch to have more control over the amount of notes in circulation. b. they wanted to encourage a mild inflation in the U.S. c. they felt that the Act would reduce the temptation for weak administrations to over issue paper currency. d. they wanted to reduce the number of banks in the U.S.