____ GDP uses current prices while ____ GDP uses prices adjusted for inflation
Fill in the blank(s) with the appropriate word(s).
Nominal, Real
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Which of the following is an asset to a bank?
a. Checkable deposits b. Transaction deposits c. Credit cards d. Loans e. Borrowings from the Fed
Suppose the current equilibrium real wage is $15 an hour. Which of the following is true?
a. A real wage above $15 an hour would lead to an excess demand for labor b. A real wage above $15 an hour would lead to an excess supply of labor c. The real wage must fall to prevent unemployment d. The real wage must rise to prevent unemployment e. A real wage below $15 an hour would lead to an excess supply of labor
When marginal revenue equals marginal cost, the firm
a. should increase the level of production to maximize its profit. b. may be minimizing its losses rather than maximizing its profit. c. must be generating positive economic profits. d. must be generating positive accounting profits.
Contractionary fiscal policy in the United States will increase the Japanese trade surplus.
Answer the following statement true (T) or false (F)