The financial system:
A. brings together savers and borrowers in a set of interconnected markets where people trade a variety of financial products.
B. connects the government to those truly in need of public services.
C. is used to help individuals keep track of the general price level.
D. gathers information about the economy in an effort to inform the public.
A. brings together savers and borrowers in a set of interconnected markets where people trade a variety of financial products.
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What is the opportunity cost of moving from point D to point C?
The phase in the business cycle marked by a relatively high level of real GDP, full employment, and inflation is called
a. a recession b. a peak c. prosperity d. a recovery e. a trough
If a nation has an absolute advantage in the production of some commodity, it
A. can gain only if it has a comparative advantage in the commodity. B. may still gain from trade in the commodity. C. cannot gain from trade in the commodity. D. cannot gain unless it has an absolute advantage in every other commodity.
The aggregate demand curve shows
A. an inverse relationship between the price level and real GDP. B. a direct relationship between changes in the price level and changes in real GDP. C. real GDP does not change as the price level changes. D. an inverse relationship between changes in the price level and changes in nominal GDP.