Recall the Application about intellectual property in GDP accounts to answer the following question(s).According to the Application, the government agency tasked with the production of the GDP and other national accounts is:
A. the Bureau of Economic Analysis.
B. the Central Intelligence Agency.
C. the Bureau of Labor Statistics.
D. the White House.
Answer: A
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Refer to Table 2-19. What is Wilma's opportunity cost of making a bench?
A) 3 statues B) 1/2 of a bench C) 1.3 statues D) 1/3 of a statue
Transaction and information costs
A) benefit borrowers at the expense of savers. B) benefit savers at the expense of borrowers. C) transaction costs hurt savers while information costs hurt borrowers. D) create profit opportunities for those who can reduce these costs.
Bank borrowing from the Fed is referred to as:
A) federal funds B) discount loans C) repurchase agreements D) reverse repurchase agreements
During recessions, income
a. and unemployment both rise. b. rises and unemployment falls. c. falls and unemployment rises. d. and unemployment both fall.