Which of the following would be classified as a final good?
A. The services provided by lawyers to a computer manufacturer
B. New computer software sold to a computer manufacturer for installation in new computers
C. Computer chips sold to a computer manufacturer for installation in new computers
D. A new computer sold to a business firm.
Answer: D
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If the quantity of money supplied exceeds the quantity of money demanded, at a point in time: a. the price level in the economy will fall
b. the equilibrium interest rate will fall. c. the equilibrium interest rate will fall. d. the money demand curve will shift to the right. e. the money demand curve will shift to the left.
Look at the following data: consumption = $915 billion; exports = $40 billion; imports = $33 billion; inventory investment = $123 billion; fixed investment = $500 billion; government purchases = $300 billion. GDP is equal to
A) $1,632 billion. B) $1,466 billion. C) $1,911 billion. D) $1,845 billion. E) none of the above
Direct controls often require long legal proceedings before they can be effective.
Answer the following statement true (T) or false (F)
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline