Which of the following is definitely true when nominal GDP increases?
A. The standard of living improves.
B. The amount of output increases.
C. The value of output increases.
D. The production possibilities curve shifts outward.
C. The value of output increases.
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Jim has the following assets and liabilities:Credit Card balance$2,000Cash$500Government bonds$2,000Checking$750Car loan balance$5,000Car$15,000What is Jim's money demand?
A. $500 B. $1,250 C. $750 D. $3,250
A trade surplus occurs when a country's exports exceed that country's imports
Indicate whether the statement is true or false
When a good is rival in consumption:
A. it is possible for sellers to prevent its use by those who have not paid for it. B. one person's consumption prevents or decreases others' ability to consume it. C. consumers have a perception of scarcity of that good. D. the government has specific import policies limiting its supply.
According to standard economic theory, rational individuals:
A. suffer from psychological failure. B. never do what is in their own best interest. C. always do what is in their own best interest. D. do what is in their best interest only part of the time.