Average living standards are best measured using
A. Per capita GDP.
B. The capital stock of the economy.
C. The economic growth of the economy.
D. GDP.
Answer: A
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Jane has just sent a gift that was made in the U.S. to her relatives in Italy. As far as the balance of payments is concerned this gift will
A) have no influence on the balance of payments since it was made in the U.S. B) be part of the capital account since the gift is a physical item. C) be considered an export since it has left the U.S. D) be part of the current account as a unilateral transfer.
Use the following information to answer the next several questions:Scenario 1: Imagine that an economy produces two goods, flashlights and fishing lures. In 2015, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2016, the economy produced 85 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $7 and $15, respectively. Based on the information in Scenario 1, real GDP grew by about ________ percent from 2015 to 2016.
A. 23 B. 31 C. 62 D. 162
________: the cost of capital broadly defined; the price you would have to pay to rent all the inputs used to produce the business's product
Fill in the blank(s) with correct word
When economists and policymakers refer to the Fed's dual mandate, they are referring to:
A) price and exchange rate stability. B) price stability and maximum employment. C) moderate long-term interest rates and maximum employment. D) price stability and moderate long-term interest rates.