Gross Domestic Product (GDP) per capita is
a. GDP in current dollars
b. GDP adjusted for inflation
c. GDP per person
d. GDP per dollar spent
e. GDP per day
C
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The quantity theory of inflation indicates that if the aggregate output is growing at 3% per year and the growth rate of money is 5%, then inflation is
A) 2%. B) 8%. C) -2%. D) 1.6%.
To be binding, a price ceiling must be set above the equilibrium price
a. True b. False Indicate whether the statement is true or false
All of the following are international (as opposed to domestic) policy goals for the United States except:
A. a balance of trade. B. an increase in exports relative to imports. C. a strong dollar. D. low inflation.
Economic principles are generalizations relating to ___________ in economic behavior or to the economy itself.
a. positive tendencies b. extreme tendencies c. inverse tendencies d. average tendencies