Based on the information in Scenario 1, nominal GDP in 2015 in this economy was
A) $830. B) $1,025. C) $1,090. D) $1,345.
A
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The law-making time lag is best described as the time that it takes
A) a jury to render a verdict. B) Congress to realize that new laws must be passed to change taxes or spending. C) the President to sign a bill sent from Congress. D) a newly passed law to become the norm in daily lives. E) Congress to pass laws needed to change taxes or spending.
Consider a small open economy with desired national saving of Sd = 1000 + 1000rw and desired investment of Id = 1000 - 500rw. Calculate national saving, investment, and the current account balance in equilibrium when the real world interest rate is
(a) rw = 0.025. (b) rw = 0.05. (c) rw = 0.0.
For the average living standard of a nation to rise, the only thing that needs to happen is for nominal GDP to increase faster than the price level
a. True b. False
Which of the following is true of sub-Saharan Africa?
a. The poverty rate in the region is low. b. The region has received more foreign aid than any other area of the world. c. Most of the countries in the region rank among the freest economies in the world. d. The poverty rate in the region is the lowest of any region in the world, and the rate has declined sharply during the past quarter of a century.