Following the Revolution,
a. America found itself outside the protection of the British empire.
b. trade alliances with both Spain and France began to crumble.
c. all American-built vessels were ineligible to trade with the British Empire.
d. All of the above are correct.
e. Only a and b are correct.
d. All of the above are correct.
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Equilibrium GDP occurs when total spending equals total output.
Answer the following statement true (T) or false (F)
Classical economists thought that
A. flexible wages and prices were the principal causes of recessions. B. the Great Depression confirmed their view of the business cycle. C. government policies and spending were needed to keep the economy at full employment. D. ?price, wage, and interest rate flexibility can quickly cure any tendencies for a recession.
What is the per capita income of Genovia if its gross domestic product is $4,000,000 and total population is 20,000?
A) $120 B) $200 C) $400 D) $100
Which of the following is a TRUE statement about the relationship between the price of bonds and the interest rate?
A) The prices of bonds are directly related to the interest rate. B) The prices of bonds increase when the interest rates rise. C) The prices of bonds are unrelated to the interest rate. D) The prices of bonds are inversely related to the interest rate.