The best measure of a change in the standard of living is the change in
a. nominal GDP.
b. real GDP.
c. real per capital disposable income.
d. net national product.
c. real per capital disposable income.
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An important condition required for economic growth is
A) economic freedom. B) a libertarian government. C) a totalitarian government. D) a democratic government. E) the incentive to limit international trade so that all economic growth remains within the country.
The price effect is smaller when there:
A. are fewer firms. B. are more firms. C. is more demand. D. is less demand.
If the Fed were to unexpectedly increase the money supply, creditors would gain at the expense of debtors
a. True b. False Indicate whether the statement is true or false
Arbitrage occurs when an entity purchases a good in the lower priced market and sells it at the same time in the highed priced market. The existance of trade costs would ___ opportunites of abitrage
a) lower b) not affect c) increase d) completly eliminate