Economic growth can be measured by:
a) The CPI
b) The CBI
c) GDP
d) MPC
Answer: c) GDP
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An economic benefit of capital outflows is that they
A) create future income payment inflows. B) increase domestic investment. C) reduce domestic saving. D) reduce domestic unemployment.
The Federal Reserve uses the federal funds rate as an operating target because
A) it is an excellent indicator of the economy's underlying inflation rate. B) it is very sensitive to bank reserve level changes. C) it is determined by the Treasury. D) the Fed sets the rate directly.
The price elasticity of demand for bottled water in New York is -3, and the price elasticity of demand for bottled water in Florida is -0.6. In other words, demand in New York is ________ and demand in Florida is ________.
A. inelastic; elastic B. elastic; inelastic C. elastic; unit elastic D. inelastic; unit inelastic
In 2017 about 9% of personal income in the United States came from
A. transfer payments. B. property income. C. wages and salaries. D. profits.