Which of the following is included when measuring Gross Domestic Product (GDP)?
A. the value of leisure time
B. the value of services provided by homemakers
C. the value of services of durable goods purchased in previous years
D. the rental income received by a landlord
Answer: D
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Regulation Q
A) prohibited interstate banking. B) placed ceilings on allowable interest rates on time and savings deposits. C) required all banks to hold reserves against demand deposits. D) broadened the basis on which the Fed could make discount loans.
If the economy is currently experiencing a high unemployment rate, the greatest cost is
a. extra government spending b. rewarding those who do not work but collect government benefits c. lost output d. the cost of job searching e. the extra cost of funding job fairs
We observe that the price of food rises and the quantity purchased also rises. This means the
A. supply curve shifted to the left. B. demand curve shifted to the right. C. demand curve shifted to the left. D. supply curve shifted to the right.
A problem with comparing macroeconomic models is that
A. macroeconomic models cannot be expressed in mathematical terms. B. people may change how they react when economic policies are changed. C. macroeconomic models must meet government standards for uniformity. D. macroeconomic models do not predict the same outcomes from policies.