Nominal GDP for a year in the U.S. is currently closest to which of the following figures?
A) $1.5 trillion
B) $8.5 trillion
C) $18.5 trillion
D) $28.5 trillion
Answer: C) $18.5 trillion
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Figure 3-6
In , suppose D1 and S1 indicate initial conditions in the market for ice cream. Which of the following changes would tend to cause a shift from S1 to S2 in the market for ice cream?
a.
an increase in the price of sugar, an ingredient used to produce ice cream
b.
a decrease in the price of frozen yogurt, a substitute for ice cream
c.
abnormally hot weather that temporarily increases consumer desire for ice cream
d.
a decrease in the price of milk, an ingredient used to produce ice cream
Open-market operations are easy for the Federal Reserve to conduct and are therefore the tool of monetary policy that the Federal Reserve uses most often.
Answer the following statement true (T) or false (F)
Many economic variables are classified according to their relation to the business cycle. What are the principal categories? Variables in which category(ies) are of greatest help in forecasting changes in the economy?
What will be an ideal response?
Goods whose benefits to society are not diminished as more people consume them and whose benefits cannot be withheld from anyone are
a. impossible since resources are limited b. examples of negative externalities c. public goods d. typically food and other necessities e. provided by free markets to free riders