The value of the GDP deflator for a country whose nominal GDP was $102 billion in 2013 and real GDP (relative to the base year 2010) was $90 billion would be approximately _____
a. 100
b. 102
c. 90
d. 113
d
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An economy in which a central authority makes most of the economic decisions is known as a
a. market economy. b. laissez-faire economy. c. command economy. d. traditional economy.
An important problem facing the Fed is that
A) the goals for economic growth and price stability may conflict in the short run. B) it lost effective control over the monetary base. C) it has been given responsibility for meeting policy goals, but true control over monetary policy remains with Congress. D) it has been given responsibility for meeting policy goals, but true control over monetary policy remains with the President.
Which of the following would not violate the Sherman Antitrust Act if the rule of reason was used to interpret the act?
a. conspiring to monopolize b. formation of a trust company c. conspiring to restrain trade d. a single firm supplying all of a market with no close substitutes and some barriers to entry e. attempting to restrain trade with a foreign nation
If C+I+G>Y, then net exports and net capital outflow are both greater than zero
a. True b. False Indicate whether the statement is true or false