The growth rate of per capita real Gross Domestic Product (GDP) is a reasonable measure of
A. quality of life.
B. personal well-being.
C. productive activity.
D. the amount of money each person has.
Answer: C
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Why are U.S. government securities referred to as a bank's secondary reserves?
A) Their current market value may count toward meeting a bank's legal reserve requirements. B) They are very liquid. C) Banks are legally required to hold a certain minimum amount of these securities. D) They are the same thing as vault cash.
Common property often results in
A) a negative externality. B) a social benefit. C) a private cost. D) exclusive rights of ownership.
In the small closed economy of San Lorena, the currency is the denar. Statistics for last year show that private saving was 60 billion denars, taxes were 80 billion denars, government purchases of goods and services were 70 billion denars, there were no transfer payments by the government, and GDP was 400 billion denars. What were consumption and investment in San Lorena?
a. 270 billion denars, 50 billion denars b. 250 billion denars, 60 billion denars c. 260 billion denars, 70 billion denars d. None of the above is correct.
Sally recently got a 15 percent raise. She now purchases 7.5 percent more steak dinners. Sally's income elasticity for steak dinners is:
A. 0.5. B. 0.75. C. 1.5. D. 2.0.