What is the approximate per capita income of the US if the population is 3,405,813 and its GDP is $24 million?
a. $8.17
b. $1.41
c. $7.05
d. $0.08
e. $6.18
c
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During an economic expansion, real GDP ________ and unemployment ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Which of the following does the labor-leisure budget constraint identify?
a. Only the labor-leisure combinations that are possible b. Only the labor-leisure combinations that may be preferable c. Only the hours of leisure that are possible d. Only the income-leisure combinations that are possible
Which of the following is incorrect?
A. Floating exchange rates permit countries to have different inflation rates. B. Overall, floating exchange rates discipline countries to have low inflation rates. C. With fixed exchange rates, a country that prefers to have a lower inflation rate than its trading partners will tend to import inflation from its partners. D. Since 1973, high degrees of variability of floating exchange rates may have caused considerable adjustment into or out of trade-oriented production from time to time.
How is the Federal funds rate established? What role does the Federal Reserve play?
What will be an ideal response?