To know whether a particular situation for a family, business, or government involves an equilibrium or not, one must
A. determine whether a particular portion of the accounts are in balance or not.
B. determine whether the credits equal the debits.
C. understand the circumstances fully.
D. determine whether the accounts are in balance.
Answer: C
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Although reserve requirements and the discount rate are not actually set by the ________, decisions concerning these policy tools are effectively made there
A) Federal Reserve Bank of New York B) Board of Governors C) Federal Open Market Committee D) Federal Reserve Banks
Suppose the index of leading economic indicators begins to decline for several months. Which of the following economic events will likely follow?
a. A recession. b. Severe inflation. c. Greater employment. d. Higher investment.
In a market economy, what specifies the terms of exchange, facilitating exchange between strangers?
A. contracts B. insurance C. patents D. accounting rules
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and to real GDP in 2015 was ________.
A. $80,000; $80,000 B. $80,000; $88,000 C. $88,000; $90,000 D. $80,000; $99,000