The monetary value of all final goods and services produced by the United States economy during a year is:
a. DI
b. GDP
c. NDP
d. NI
b. GDP
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The theory of "rational expectations" is most closely associated with __________ economists
A) Classical B) Keynesian C) Monetarist D) New Classical
If the government wishes to increase GDP by $1,000b, and the MPC is 0.6, it should increase its spending by:
A. $400b. B. $1,000b. C. $600b. D. $250b.
If the exchange rate of dollars for yuan is 6 yuan to $1, then the exchange rate of yuan for dollars is
A. 5 (6-1) dollars per yuan. B. -5 (1-6) dollars per yuan. C. .166 (1/6) dollars per yuan. D. not knowable from this data.
Every social system confronts scarcity and therefore must
A. produce only free goods. B. try to produce outside its production possibilities frontiers. C. economize. D. allocate goods by government edict.