The summary of the flows of goods, services, assets, and currency in and out of a country in a particular year is the ________________________.
Fill in the blank(s) with the appropriate word(s).
balance of payments
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Which of the following is most important for the successful functioning of any economy?
A) Clearly understood and generally accepted rules. B) Common and reasonably specific goals for people to pursue. C) Greed. D) Low taxes relative to income. E) Sufficient purchasing power to buy all of an economy's goods and services.
Which of the following would not be part of a person's wealth?
a. a $100,000 inheritance b. $100,000 in a savings account c. $100,000 of corporate stock d. a $100,000 mortgage on a home e. a $10,000 family car
Economists are fond of calculating measures of elasticity. If we calculate the income elasticity of money as the %?M / %?PY, where M is the quantity of money held and PY is nominal income, would you suspect the coefficient to be positive, negative or zero? Will the absolute value be greater or less than 1? Be sure to explain your choices.
What will be an ideal response?
In 2016, there was no change in inventories, which implies that GDP was ________ in 2016.
A. less than final sales B. zero C. greater than final sales D. exactly equal to final sales