Most innovations in the economy come from
a. many different industries in a few countries.
b. a few industries in many different countries.
c. many different industries in many different countries.
d. a few industries in a few countries.
e. a few industries in the United States.
d
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The service a homeowner performs when she mows her yard is not included in GDP because ________.
A. multiple counting would be involved B. this is a noninvestment transaction C. this is a nonproduction activity D. this is a nonmarket transaction
From time to time, the Federal Reserve sells various quantities of government bonds to the private sector through a process called
A) bond recall procedures. B) open market sales. C) backflip bond investments. D) voluntary redemption procedures.
The mathematicians and economists who have been hired by Wall Street firms to build mathematical models to aid the pricing of derivatives are generally referred to as
A) speculators. B) hedgers. C) rocket scientists. D) market makers.
A model (or theory):
a. is a general statement about the causal relationship between variables based on facts. b. helps explain and predict the relationship between variables. c. when expressed as a downward (negatively) sloping graph implies an inverse relationship between the variables. d. all of these.