During the post war period,
a. an economic slowdown occurred immediately following the Armistice.
b. a vigorous boom began in 1919.
c. the Federal Reserve followed a policy of keeping its discount rate below market rates.
d. All of the above are correct.
e. Only b and c are correct.
d. All of the above are correct.
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Use the following table to answer the question below. Jane's Production Possibilities SchedulePounds of Green BeansPounds of Corn08020604040602080 0If Jane produces 40 pounds of green beans, she can produce ________ pounds of corn.
A. 40 B. 60 C. 0 D. 20
________ is the total value of final goods and services produced within the borders of a country, using market prices from a specific base year to determine the value of each unit that is produced
A) Real gross domestic product B) Gross national product C) Total product D) Nominal gross domestic product A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP.
Output in excess of potential GDP
a) implies a negative output gap b) describes a recession c) is impossible d) is unsustainable e) creates deflation
When Mary earned $3,200 per month, she bought 2 concert tickets each month. Now her monthly income is $5,600, and the number of concert tickets she purchases has risen to 3 per month. Mary's income elasticity of demand for concert tickets equals ________ and the tickets are a(n) ________ good for Mary.
A. -0.21; inferior B. +0.73; normal C. -1.36; normal D. +0.21; complementary