In the twelfth century, the bulk of world population lived in:
a. Asia
b. Africa
c. Europe
d. The European offshoots
e. none of the above
A
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If a state made a previously-illegal activity, such as gambling or prostitution, legal, then, other things equal, GDP
a. decreases. b. increases. c. doesn't change because both legal and illegal production are included in GDP. d. doesn't change because these activities are never included in GDP.
Which item is included in M1?
A. Large-denomination certificates of deposit B. Money market deposit accounts C. Passbook savings account balances D. Travelers checks
In the United States, most often the ________ changes first, and the ________ follows.
A. GDP deflator; CPI B. PPI; CPI C. PCE; CPI D. CPI; PPI
The assumption under perfect competition of a "homogeneous product" means that
A. that no firm can charge more than another for its product. B. the good one firm produces is very different than the good another produces. C. the good one firm produces is exactly the same as the good another firm produces. D. that no buyer will pay more for one firm's good than another's.