The Fed has immense power and there are no limits to the extent to which it can effectively control the economy.
Answer the following statement true (T) or false (F)
False
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U.S. capital at the end of 2012 equals U.S. capital at the beginning of 2012 plus
A) gross investment during 2012. B) net investment during 2012. C) nothing, because capital can't change in just one year. D) gross investment during 2012 minus net investment in 2012. E) depreciation during 2012 minus gross investment during 2012.
Pick the best answer using the economic way of thinking. If information is a scarce good, then ignorance might be
A) a sin. B) stupid. C) bliss. D) rational. E) inefficient.
Which of the following is NOT part of the expenditure approach to measuring GDP?
A) gross private domestic investment B) net exports of goods and services C) net interest D) personal consumption expenditures
Which of the following equations is correct?
A) rate of growth of per capita real GDP = rate of growth in real GDP - rate of growth of population B) rate of growth of per capita real GDP = rate of growth in real GDP + rate of growth of population C) rate of growth in real GDP = rate of growth of per capita real GDP - rate of growth of population D) rate of growth in real GDP = rate of growth of per capita real GDP + rate of growth of population