Gross domestic product is the
A) value of the final goods and services produced in a country during a specific time.
B) total amount that buyers spent on the final goods and services produced in a country during a specific time.
C) total amount of income earned in producing the final goods and services in a country during a specific time.
D) All of the above answers are correct.
D
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The purchase of Treasury securities by the Federal Reserve will, in general
A) not change the money supply. B) decrease the quantity of reserves held by banks. C) increase the quantity of reserves held by banks. D) not change the quantity of reserves held by banks.
If the theory behind an economic model fits the data poorly, you would probably want to
A) use the theory to predict what would happen if the economic setting or economic policies change. B) start from scratch with a new model. C) enrich the model with additional assumptions. D) restate the research question.
Externalities consist of ____________________.
A. Only external costs B. Only external benefits C. Both external costs and external benefits D. None of these answers are correct.
Refer to the scenario above. This game ________
A) has a unique Nash equilibrium B) has a unique dominant strategy equilibrium C) does not have a dominant strategy equilibrium D) does not have a Nash equilibrium