To avoid multiple counting in national income accounts, ________.
A. primary, intermediate, and final goods and services should be counted
B. both final and intermediate goods and services should be counted
C. only final goods and services should be counted
D. intermediate goods and services should be counted
Answer: C
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When the price level rises, the quantity of real GDP supplied ________ because ________
A) increases; new businesses open B) increases; businesses fail and have to shut their doors C) decreases; businesses fail and have to shut their doors D) increases; AS curve shifts rightward E) decreases; new businesses open
Raising the federal funds rate shifts the aggregate demand curve ________ so that real GDP ________ and the price level ________
A) rightward; increases; rises B) leftward; decreases; rises C) rightward; increases; falls D) leftward; decreases; falls E) leftward; increases; rises
General Electric (GE) produces wind turbines that generate wind power. Over the past 10 years, the advances in technology used to produce wind turbines has resulted in
A) a movement up along the supply curve for wind-generated power. B) a rightward shift in the supply curve for wind-generated power. C) a decrease in the supply of wind-generated power. D) GE increasing the quantity supplied of wind turbines.
The goods market equilibrium condition in an open economy shows that
A) NX = Sd - Id. B) Sd = NX - Id. C) Sd = Id - NX. D) Sd = Id.