An increase in nominal gross domestic product necessarily entails an increase in
A) both real output and the price level.
B) either real output or the price level (or both).
C) real output and employment.
D) the price level and employment.
B
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With the Troubled Asset Relief Program (TARP), the Treasury provided funds to banks in exchange for stock
Indicate whether the statement is true or false
The U.S. is probably the most open international market among the industrialized countries. What then does the U.S. have to gain by joining the WTO?
What will be an ideal response?
If a price ceiling is set above the current market clearing price, then
A) a surplus must immediately occur. B) a shortage must immediately occur. C) there will be incentives for black markets to develop. D) quantity demanded will remain equal to quantity supplied at the current market clearing price.
Scarcity means that society must make
a. goods b. services c. natural resources d. output e. choices