Output produced by workers and resources owned by residents of the nation
What will be an ideal response?
gross national product
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Looking at the U.S. balance of payments for the last two decades, how have the current account and the capital and financial account changed?
What will be an ideal response?
Without a central bank, such as the Federal Reserve System, banks, if left to themselves, are likely to
a. hold greater excess reserves than socially desirable during a recession b. create insufficient money when the economy is at full employment c. engage in money creation opportunities when the economy is in a recession d. hold no reserves when the economy is in a recession e. lend the least possible amount when the economy is at full employment
At long-run equilibrium inflation ________ and output equals ________.
A. equals the value determined by part expectations and pricing decisions; the level of short-run equilibrium output consistent with that inflation rate B. equals the value consistent with potential output; the level of output consistent with zero inflation C. is stable; potential D. equals the value determined by past expectations and pricing decisions; potential
Which of the following is presented in the text as an issue about which reputable economists might disagree?
A. The definition of a market transaction B. The impact on the federal budget of an increase in military spending C. Whether unemployment rose significantly during the Great Recession D. Whether the government should provide more scholarship funds