Refer to Table 21-1. Using the table above, what is the approximate growth rate of real GDP from 2015 to 2016?
A) 1% B) 2% C) 3% D) 4%
C
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All resources are assumed to be of equal quality when we draw a production possibilities curve that is bowed out
Indicate whether the statement is true or false
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
When GDP decreases, consumption spending increases.
Answer the following statement true (T) or false (F)
Suppose the reserve requirement is 20 percent and banks hold no excess reserves. A $1 billion purchase of government securities by the Fed will:
A. reduce the potential amount of checkable deposits in the banking system by $1 billion. B. reduce the potential amount of checkable deposits in the banking system by $5 billion. C. increase the potential amount of checkable deposits in the banking system by $1 billion. D. increase the potential amount of checkable deposits in the banking system by $5 billion.