Which of the following is a TRUE statement?
A. All economic goods are goods, but not all goods are economic goods.
B. Economic goods and goods mean the same thing.
C. Economic goods do not include services while goods do include services.
D. All goods are economic goods.
Answer: A
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The Taylor rule accurately predicted the changes in the federal funds target during the period
A) when Alan Greenspan was the chairman of the Federal Reserve Board. B) when Paul Volcker was the chairman of the Federal Reserve Board. C) when William McChesney Martin was the chairman of the Federal Reserve Board. D) when Arthur Burns was the chairman of the Federal Reserve Board.
Suppose the current equilibrium price of pizza is $5 . If the government decides the price of pizza cannot rise above $4, the result of this policy would be
a. a shortage b. a surplus c. that the market would remain in equilibrium but with a larger quantity bought and sold than at $5 d. at the $4 price, the quantity sold would be greater than the quantity bought e. a shift of demand to the right
Suppose in 2000 . nominal GDP in Russia was 1000 rubles and it increased to 2000 rubles in 2001 . If we know that no increase in real GDP occurred, then the GDP deflator must be
a. 150 b. 100 c. 0.50 d. 200 e. 105
The term human capital refers to education, training and experience
Indicate whether the statement is true or false