By summing the quantities demanded by individuals at each price we obtain the
A. market demand curve.
B. market supply curve.
C. equilibrium price.
D. individual demand curve.
Answer: A
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The emergence of English as the de facto world language has ________ a comparative advantage in the production of books, movies and popular music:
A. given English-speaking countries B. given all countries C. had no effect on which country has D. given non-English-speaking countries
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The definition of economic growth is the annual percentage
A. increase in the total nominal GDP. B. increase in the per capita real GDP. C. increase in total exports. D. increase in the per capita nominal GDP.
The Federal Open Market Committee is important because
a. its deliberations are extremely private b. it sets the course for the nation's money supply c. it is composed of people who are most knowledgeable about the economy d. it discusses unemployment and inflation e. of its influence on fiscal policy