Refer to the information provided in Table 21.6 below to answer the question(s) that follow. Table 21.6
Refer to Table 21.6. Personal consumption expenditures in billions of dollars are
A. 1,000.
B. 1,100.
C. 1,300.
D. 1,700.
Answer: D
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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
Refer to Figure 5-11. S1 represents the supply curve that reflects the private cost of production and S2 represents the supply curve that reflects the social cost of production
One way to internalize the external cost generated by utilities is to impose a Pigovian tax on the production of electricity. What is the size of the Pigovian tax that will internalize the cost of the externality? A) P2-P0 B) P1-P0 C) P2-P1 D) P0
Credit cards are part of the M2 money supply and are valued at the maximum credit limit of the cardholder.
Answer the following statement true (T) or false (F)
The measurement of GDP includes
A. the benefits of clean air and water. B. nonmarket goods such as homemaking and child-rearing. C. purchases and sales of goods produced in previous periods. D. estimated values of activity in the underground economy.