The prime rate is the interest rate at which banks can borrow from the Fed
Indicate whether the statement is true or false
FALSE
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To aggregate 300 tons of steel, 5,000 bushels of wheat, and 1 million barrels of crude oil, economists add together the ________ of the three products
A. number of tons, bushels, and barrels B. units C. weight D. dollar value
The Condorcet paradox shows that there is no scheme for aggregating individual preferences into a valid set of social preferences
a. True b. False Indicate whether the statement is true or false
Suppose a tax cut affects aggregate demand and aggregate supply. Which of the shifts raise real GDP?
a. both the shift of aggregate demand and the shift of aggregate supply b. the shift of aggregate demand, but not the shift of aggregate supply c. the shift of aggregate supply, but not the shift of aggregate demand d. neither the shift of aggregate demand nor the shift of aggregate supply
Individuals
A. are too small to matter in macroeconomic decision making. B. need to participate in a democracy. C. make up the government. D. are too small to matter in macroeconomic decision making and need to participate in a democracy. E. need to participate in a democracy and make up the government.