If you wanted to understand how an economy grew without looking at the impact of inflation, you should use ________ to compare different times within the economy
A) real GDP
B) nominal GDP
C) the CPI
D) the GDP deflator
A
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For Molly, the substitution effect of a wage increase is stronger than the income effect. In response to a wage increase, will Sally work more hours or will she work fewer hours?
If a country has a high level of growth in income, it:
A. must have a high level of income. B. must be rapidly increasing its GDP per capita. C. must have an equitable distribution of wealth. D. All of these are true.
A decision tree is used when modeling:
A. a prisoner's dilemma. B. simultaneous decisions. C. any type of game. D. games in which timing matters.
Banks that were so large in terms of assets or customers, or so historically important, that banking regulators allowed the bank to keep operating despite insolvency after the housing market crash were called:
A. too large to fail. B. too small to fail. C. too large to succeed. D. too small to succeed.