"If the United States enters a war in the Middle East, gasoline prices will go up." This statement is an example of
A) a positive statement.
B) an argument.
C) a normative statement.
D) a factual statement.
A
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The GDP price index: a. measures the average price of final goods and services produced in an economy
b. measures the quality of goods produced in an economy. c. is derived using the prices of only imported and exported goods and services. d. is derived using the implicit prices of goods and services produced by the government. e. measures the value of all intermediate goods and services sold in an economy.
When the long-run aggregate supply curve shifts right, it represents:
A. economic growth. B. pushing our economy beyond normal capacity. C. an unemployment rate of zero. D. negative inflation.
Deflation is a:
A. sustained fall in the aggregate price level. B. sustained increase in the aggregate price level. C. steady, unchanging aggregate price level. D. steady fall in the exchange rate.
The large increase in the excess reserves held by the commercial banking system during the second half of 2008,
a. increases the likelihood of a sharp contraction in the money supply, which would increase the length and severity of the recession. b. increases the likelihood of a rapid increase in the money supply, potentially leading to future inflation. c. is merely a continuation of the trend present since 1990. d. reduces the ability of banks to extend additional loans.