Refer to Figure 15-15. What is the economically efficient output level and what is the price at that level?
A) Q2, P2 B) Q2, P3 C) Q3, P2 D) Q4, P1
D
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The total value of all outstanding federal government securities is called
A) the budget deficit. B) crowding out. C) the public debt. D) the trade deficit.
The best measure of a country's standard of living is
A) total nominal GDP. B) GDP per unit of capital. C) GDP per capita. D) GDP per labor hour.
The services the Federal Reserve provides to foreign central banks and other international organizations are handled:
A. only by the Reserve Bank in New York. B. directly by the Board of Governors in Washington D.C. C. by all of the Reserve Banks. D. only by the Reserve Bank in San Francisco.
Market clearing prices in a market system act as
A) a signaling device. B) a direct measure of resource costs. C) a way for producers to advertise. D) a legally determined rationing device.