All changes in nominal GDP are due to price changes
a. True
b. False
Indicate whether the statement is true or false
False
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In the United States, bank reserves include:
A) vault cash, currency held by the public and bank's holdings on deposit at the Federal Reserve Bank. B) currency held by the public and bank's holdings on deposit at the Federal Reserve Bank. C) vault cash and the bank's holdings on deposit at the Federal Reserve Bank. D) vault cash and the currency held by the public.
Suppose Germany's major companies are retailers and Japan's major companies are manufacturers of cheap goods that are sold by Germany's retailers. Which of the following is likely to arise with respect to trade between Germany and Japan?
a. A trade deficit on Germany's side b. A trade deficit on Japan's side c. A trade balance between the two countries d. A trade surplus in both countries
What is the difference between comparative advantage and absolute advantage?
What will be an ideal response?
The United States dollar has NOT been officially convertible to gold by international traders since
A. 1930. B. 1971. C. 1995. D. 1944.