Most of what we buy and sell never makes it out of domestic markets
Indicate whether the statement is true or false
TRUE
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The Federal Reserve System is:
A. the agency of the U.S. government that insures commercial bank deposits. B. a group of twelve commercial banks. C. the central bank of the United States. D. the branch of the U.S. Treasury that keeps the U.S. gold reserves.
The United States imports all of its niobium because
A. niobium production in the United States is expensive compared to production in other countries. B. niobium is no longer a very useful metal. C. niobium mining is so unsafe that it was outlawed in the United States in 1959. D. the United States does not have any natural niobium deposits.
Answer the following questions true (T) or false (F)
1. If the CPI falls from 142 to 140 between two consecutive years, this implies that prices fell by 2% between those two years. 2. The producer price index tracks the prices firms receive for goods and services at all stages of production. 3. Nominal income is equal to real income if the CPI is less than 100.
Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.
Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2 and there is an excess demand of 6 cheeseburgers, the price of cheeseburgers will have
A. remained constant at $5.00. B. moved from $7.00 to $5.00. C. moved from $5.00 to $7.00. D. remained constant at $7.00.