Final goods and services refer to:
a) goods and services that are unsold and therefore added to inventories.
b) goods and services whose value has been adjusted for changes in the price level.
c) goods and services purchased by ultimate users, rather than for resale or further processing.
d) the excess of U.S. exports over U.S. imports.
c) goods and services purchased by ultimate users, rather than for resale or further processing.
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
An increase in the real interest rate will
a. increase the inflationary premium. b. decrease the inflationary premium. c. increase the price of current consumption relative to future consumption. d. decrease the price of current consumption relative to future consumption.
Christopher is an unpaid, stay-at-home father who works as a volunteer at the local Habitat for Humanity chapter. Currently, Christopher is not looking for a paid job. The Bureau of Labor Statistics counts Christopher as
a. unemployed and in the labor force. b. unemployed but not in the labor force. c. in the labor force but not unemployed. d. neither in the labor force nor unemployed.