Which of the following gives the best reason why the possibilities of today's economy are expanding?
A. Because the constraints that affect the economy change every day
B. Because worldwide population continues to grow
C. Because people are more enlightened today than in the past
D. Because laws continue to change, making more activities legal
Answer: A
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Many of the Fed's actions were aimed squarely at stopping the downward spiral of falling assets prices
a. True b. False
Equilibrium is reached where there is no inherent force causing quantity supplied or quantity demanded to change
a. True b. False Indicate whether the statement is true or false
If the United States CPI was 37 in 1973 and in 2016 it was 215.3. By what percent did prices increase in the United States between 1973 and 2016? (Not the annual rate of change, but total.)
A. 5 B. 482 C. 545 D. 48
Which of the following statements is the best justification of the use of GDP per capita to compare welfare between nations?
A. GDP per capita is commonly used as a measure of welfare so it must be a valid measure. B. GDP per capita is independent of the country's currency so it is not subject to change due to variations in exchange rates. C. GDP per capita is calculated in a consistent and reliable way so it is not subject to measurement errors. D. GDP per capita is highly correlated with alternative measures of quality of life.