Gross Domestic Product in the U.S. is roughly:
A. more than six times M1.
B. twice as large as M2.
C. equal to M1.
D. equal to M2.
Answer: A
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If banks faced a 100 percent reserve requirement, a $10,000 reduction in banking reserves would decrease the money supply by: a. $1,000,000. b. $100,000
c. $10,000. d. $1,000.
The Coase theorem holds well in situations where information and transaction costs are substantial
a. True b. False Indicate whether the statement is true or false
Consumption is $7 trillion, investment is $1.5 trillion, government expenditures are $2 trillion, government transfer payments are $1 trillion, exports are $1.50 trillion and imports are $1.25 trillion. What is GDP?
When labor is the variable input, the average product equals the:
A. quantity of output divided by the number of workers. B. marginal product divided by the number of workers. C. marginal product multiplied by the number of workers. D. number of workers divided by the quantity of output.