A definition of the gross domestic product (GDP) is:
a. The sum of wage and salary compensation of employees, interest income, and rental income
b. The market value of all intermediate and used goods and services produced by the economy in one year
c. The market value of all final goods and services produced in one year
d. Personal consumption expenditures, gross private domestic investment, plus net exports
c. The market value of all final goods and services produced in one year
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Which of the following is NOT considered a function of money?
A) It facilitates exchange. B) It acts as a means of payment. C) It can be held and exchanged for future goods and services. D) It allows banks to lend out funds.
A tax imposed by a government on imports of a good into a country is called
A) a tariff. B) an import fine. C) an import levy. D) an import quota.
Recessions in Canada and Mexico would cause
a. the U.S. price level and real GDP to rise. b. the U.S. price level and real GDP to fall. c. the U.S. price level to rise and real GDP to fall. d. the U.S. price level to fall and real GDP to rise.
In the 1980s, a new category called ________ was added to M1.
A. traveler's checks B. demand deposits C. other checkable deposits D. money market mutual fund deposits