Which one of the following is a final good or service?
A. Chemical pesticides used by a farmer to control the incidence of crop disease
B. Microcomputer chips for a new computer
C. A radio bought by General Motors for use in its new line of cars
D. A will drawn up by your personal attorney
A. Chemical pesticides used by a farmer to control the incidence of crop disease
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If potential output equals 4,000 and short-run equilibrium output equals 3,500, there is a ________ gap and the Federal Reserve must ________ real interest rates in order to close the gap.
A. expansionary; raise B. recessionary; raise C. recessionary; reduce D. recessionary; not change
The net amount of international reserves that move between governments to finance international transactions is called the ________ balance
A) capital account B) current account C) trade D) official reserve transactions
During World War II (1941–45) which of the following fell?
(a) Real GDP per capita (b) Private consumption expenditures (c) Private investment (d) Government expenditures
Thomas Malthus believed that in the long run, the growth rates of real GDP would not exceed population growth
a. True b. False Indicate whether the statement is true or false