The level of the exports of U.S. goods and services amounted to ________ trillion, or 14% of GDP in 2011
a. 2.1
b. 3.1
c. 4.1
d. 5.1
a
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The marginal principle implies that an individual should produce or consume where
A) marginal benefit is less than marginal cost. B) marginal benefit exceeds marginal cost. C) marginal benefit equals marginal cost. D) total benefit equals total cost.
An increase in checking account balances equals the initial deposit multiplied by total reserves
Indicate whether the statement is true or false
A bowed out PPF reflects which of the following ideas?
i. Increasing opportunity cost ii. Resources are not equally productive in all activities. iii. Prices of goods increase over time. A) i and iii B) i, ii, and iii C) i and ii D) i only E) ii and iii
Monetary policy decisions are made by the
A) Federal Open Market Committee. B) Federal Reserve Economic Committee. C) Congress of the United States. D) U.S. Mint. E) Council of Economic Advisors.