The product of nominal GDP and the GDP deflator equals the real GDP of a country
a. True
b. False
Indicate whether the statement is true or false
False
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Even if your college degree is irrelevant to an employer's needs, your high GPA might still get you the job because
A) the firm is not a profit maximizer. B) your GPA sends a signal about your quality as a worker. C) the firm will most likely make an adverse selection. D) the high GPA eliminates the possibility of moral hazard.
Spending on new goods and services out of a household's current income is
A) consumption. B) the capital consumption allowance. C) savings. D) investment.
Economists believe income inequality results from all the following except
a. government taxes and transfer payments b. labor market discrimination c. unequal distribution of talents in the population d. unequal access to education e. unequal distribution of lifetime accumulated assets
Currencies that are not backed by precious metals of equal value are called:
a. Legal tender. b. "Trouble" – with a capital "T." c. Near money. d. Repurchase agreements. e. Fiat money.