In 2015 the gross domestic product of the United States was
A. $17.9 billion.
B. $58,000.
C. $17.9 trillion.
D. $17.9 million.
Answer: C
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The principle that states that what matters to people is the real value or purchasing power of money is the
A) marginal principle. B) spillover principle. C) real-nominal principle. D) principle of diminishing returns.
What is the difference between a fixed exchange rate system and a managed float exchange rate system?
What will be an ideal response?
If we add up all the money people spend buying final goods and services—being careful to omit spending on intermediate goods so as not to double-count—the sum will be:
A. the market value of all output sold in the economy. B. the gross domestic product of the economy. C. total expenditure in the economy. D. All of these statements are true.
Normative statements describe how the world is, while positive statements prescribe how the world should be
a. True b. False Indicate whether the statement is true or false