Which of the following is GDP designed to measure?
a. the total market value of goods and services produced domestically during the year
b. changes in the cost of purchasing the typical consumer market basket of goods from one year to another
c. the total size of the domestic underground economy
d. the standard of living of the average citizen
A
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Which of the following statements is true?
A) Normative statements depend on personal preferences. B) Normative economic statements can be confirmed or disproven. C) Positive economics recommends what people ought to do. D) Positive economics deals with issues that are subjective.
When real planned saving is greater than real planned investment spending
A) real GDP will increase. B) the interest rate will increase. C) the interest rate will decrease. D) real GDP will decrease.
The money supply is ________ related to the nonborrowed monetary base, and ________ related to the level of borrowed reserves
A) positively; negatively B) negatively; not C) positively; positively D) negatively; negatively
The U.S. has one of the highest unionization rates of all the industrialized countries around the world
a. True b. False Indicate whether the statement is true or false