Gross domestic product can be thought of as a measure of
A) the national money supply.
B) national income.
C) national welfare.
D) the national value of all legal exchanges.
E) none of the above.
B
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If firms' expectations about the future become pessimistic so that they think future profits will be lower, then
A) aggregate demand decreases and the AD curve shifts leftward. B) aggregate demand increases and the AD curve shifts rightward. C) the quantity of real GDP demanded decreases, and there is a movement up along the AD curve. D) the quantity of real GDP demanded increases, and there is a movement down along the AD curve. E) the aggregate demand curve does not shift, but potential GDP decreases.
If gold becomes acceptable as a medium of exchange, the demand for gold will ________ and the demand for bonds will ________, everything else held constant
A) decrease; decrease B) decrease; increase C) increase; increase D) increase; decrease
The practice of medicine in the United States came under widespread regulation _____
a. before the Civil War b. between the Civil War and World War I c. between World War I and World War II d. after World War II
An economy's potential level of output can be altered by changes in: a. the actual price level
b. the expected price level. c. aggregate demand. d. real GDP. e. its stock of capital.