Fill in the blank: Wealth, in the economic way of thinking, is ________
A) whatever people value
B) owned financial assets
C) impossible to study scientifically
D) indefinable
E) any material thing
A
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Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. Between 2012 and 2013, which grew more rapidly, nominal GDP or real GDP?
A) Real GDP grew more rapidly. B) Both grew at the same rate. C) Nominal GDP grew more rapidly. D) Because real GDP and nominal GDP use different prices, it is not possible to determine which grew most rapidly. E) More information is needed to determine which grew more rapidly.
A simple deposit multiplier equal to one implies a required reserve ratio equal to
A) 100 percent. B) 50 percent. C) 25 percent. D) 0 percent.
Marginal revenue product is measured by
a. MR × price of the good b. MR × MC c. TR / MPP d. MPP × price of the good e. TC / MPP
If the purchasing power of the dollar is falling, then it follows that:
A. The price index is falling B. The price index is rising C. Nominal incomes are falling D. Interest rates are rising