The system that measures the economy's overall performance is formally known as:
a) National income accounting
b) Business cycle measurement
c) GDP assessment
d) Final output and income statistics
a) National income accounting
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The equation of exchange states
You notice that when the inflation rate increases, the interest rate tends to increase. This observation indicates that
A) there might be false causality between inflation and the interest rate. B) higher inflation rates must cause a higher interest rate. C) a scatter diagram of the inflation rate and the interest rate will show a positive relationshi
The annual income that can be consumed without diminishing the total capital assets of a nation is
(a) purchasing power parity income. (b) sustainable national income. (c) environmental capital stock. (d) per capita income.
Suppose a man and a woman are in love and care for the other's happiness as well as their own consumption. Suppose the man is more selfish than the woman UM = CM2/3 UW1/3 UW = CW1/2 UM1/2 They will maximize the joint happiness (UM + UW) where
a. CM = 100; CW = 0 b. CW = 100; CM = 100 c. 50 < CM < 100; 0 < CW < 50 d. 50 < CW < 100; 0 < CM < 50