How do people in a market economy obtain income that is used to buy goods and services?
a. Supplying labor and other resources to firms
b. Trading goods and services in a barter system
c. Selling goods and services to each other
d. None of the above
e. b and c
A
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When do Federal Reserve notes become part of the money supply (M1)? When they are
A) deposited in the vaults of commercial banks. B) printed by the Bureau of Engraving. C) received by the Federal Reserve Banks. D) spent by the public on newly-produced goods. E) withdrawn from commercial banks by the public.
Based on the table "Real and Nominal GDP," if year one is the base year, then the GDP deflator for year three is ________
A) 165 B) 139.8 C) 85.8 D) 133.6 E) 114.6
Restaurant provide discounts to seniors because
a. They have a less-price elastic demand b. They have a more-price elastic demand c. They are the main source of income d. None of the above
The unemployment rate equals the number of persons:
a. unemployed divided by the number employed. b. unemployed divided by the number in the labor force. c. unemployed divided by the population age 16 and over. d. not working divided by the population age 16 and over.