Related to the Economics in Practice on p. 52: It would most likely be ________ if a particular day's weather influenced the purchase of a durable good such as an automobile.
A. impossible
B. a surprise
C. expected
D. normal behavior
Answer: B
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A tax cut that increases the budget deficit results in ________ in the ________ loanable funds
A) an increase; supply of B) a decrease; supply of C) an increase; demand for D) a decrease; demand for E) no change; either the demand for or the supply of
When the price of gasoline rises, some consumers begin riding their bikes more frequently or riding the bus instead of driving their cars. The fact that the CPI does not fully account for such changes in consumer behavior is called
A) increase in quality bias. B) outlet bias. C) substitution bias. D) discrimination bias.
The Fed relies on open-market operations, which work
A. with the Treasury in creating money to finance bonds. B. through major stock exchanges to influence bond prices. C. directly through the nonbank public to change their assets. D. through the banking system by affecting their reserves.
If the growth rate of real GDP rises from 3% to 4% per year, then the number of years required to double real GDP will decrease from
A) 23.3 years to 17.5 years. B) 28.0 years to 21.0 years. C) 11.2 years to 10.8 years. D) 23.3 years to 20.6 years.