Gold certificates, special drawing rights, the reserve position of the IMF, and the holdings of foreign currencies represent:
A) physical assets.
B) reserve assets.
C) monetary assets.
D) none of the above.
B
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The reason only newly produced goods and services are counted in GDP is that ________
A) it is very difficult to impute a value to used goods B) most expenditures on used goods and services take place outside the market C) it does not help economists make better economic predictions because second-hand goods rarely have any residual value D) it allows economists to avoid double counting the production of goods and services E) none of the above
Opening trade between two nations would:
a. shift their production possibilities curves outward. b. shift their production possibilities curves inward. c. leave the production possibilities unchanged and increase their consumption possibilities. d. leave the production possibilities unchanged and decreased their consumption possibilities.
The three reasons why the aggregate demand curve slopes downward are
a. the international substitution effect, the net exports effect and the interest rate effect. b. the interest rate effect, the short run effect and the free rider effect c. the net exports effect, the real balance effect and the short run effect d. the real balance effect, the international substitution effect and the interest rate effect.
The marginal revenue product represents
A) the marginal physical product of labor divided by the price of the good produced. B) the worker's contribution to the firm's total revenues. C) the worker's contribution to the firm's output. D) the value of each additional unit of output.