A nation's standard of living is best measured by its
a. real GDP.
b. real GDP per person.
c. nominal GDP.
d. nominal GDP per person.
b
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Excess reserves are important to bankers because:
a. They are typically deposited in special high-yielding investment accounts. b. They represent the funds that can be used to acquire income-producing assets, such as loans and securities. c. They indicate the profits that are divided among the financial institution's owners. d. They indicate profitable banking practices. e. If they are not maintained, banking regulators may shut down the bank.
Asymmetric information exists when
A) both parties to an exchange have all relevant facts about that exchange. B) a good that is either nonrivalrous or nonexcludable is being sold on a market. C) the two parties to an exchange differ in what they know about the good being exchanged. D) neither party to an exchange is knowledgeable about the quality of the good being exchanged.
If Risky, Riskier, and Riskiest Insurance decided to begin charging all of its auto insurance clients the same premium, what would eventually happen?
a. They would have only safe drivers. b. They would have only dangerous drivers. c. They would have an equal blend of safe and dangerous drivers. d. They would have only medium-risk drivers.
By subsidizing the provision of public education, the government
A. pushes the per-unit price that producers of educational services receive above the market clearing price. B. pushes the per-unit price that consumers pay for educational services below the market clearing price. C. generates an increase in the quantity of educational services demanded. D. All of these.