When referring to GDP, which is not a common alternative designation economists use?
A. Aggregate Expenditure
B. Net National Income
C. National Income
D. Total Output
Answer: B
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_________________—a term referring to the percentage change in the quantity of savings divided by the percentage change in interest rates.
a. Cross-price elasticity of demand b. Income elasticity of demand c. Elasticity of savings d. Wage elasticity of labor supply
Refer to Figure 18.2. Which of the following is not consistent with a shift from AS2 to AS1?
A. A major natural disaster such as an earthquake. B. A decrease in business taxes. C. Stagflation. D. An inward shift of the production possibilities curve.
The Federal Reserve____
a. operates independently from Congress and the President b. consists of representatives who are elected by the American people c. is an agency of the US Treasury Dept, which falls under the Executive Branch of govt d. all
With a quantity restriction, the total surplus of the market increases. On the contrary, with a licensing restriction, the total surplus decreases.
Answer the following statement true (T) or false (F)