GDP is the:
A. national income minus all nonincome charges against output.
B. monetary value of all final goods and services produced within the borders of a nation in a
particular year.
C. monetary value of all economic resources used in producing a year's output.
D. monetary value of all goods and services, final and intermediate, produced in a specific
B. monetary value of all final goods and services produced within the borders of a nation in a
particular year.
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Assuming all excess reserves are loaned out, currency holdings by the public are zero, and a reserve ratio of 20 percent, an initial deposit of $6,000 will lead to a total increase in deposits of
A) $12,000. B) $24,000. C) $30,000. D) $36,000.
Refer to Figure 13.3. If exchange rates are floating, an expansionary fiscal policy and the typical Fed response to the change in inflation caused by the fiscal policy would best be represented by a movement from ________ in panel (a) and a
corresponding movement from ________ in panel (b). A) point A to point D; point X to point Y B) point C to point B; point X to point Y C) point D to point A; point Y to point X D) point B to point C; point Y to point X
In the view of the new classical economists, an increase in the money stock will affect real output and employment only if the increase in the money stock
a. was caused by an aggregate supply shock. b. is accompanied by an expansionary fiscal policy shift. c. was anticipated. d. was unanticipated.
Oligopoly firms are guaranteed economic profits in the long run
a. True b. False Indicate whether the statement is true or false