If, in a closed economy, real GDP is $30 billion, consumption is $20 billion, and government purchases are $5 billion, what is total saving in the economy?
A) $5 billion B) $15 billion C) $45 billion D) $55 billion
A
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A fall in the price of wheat fertilizer ________ the equilibrium price of wheat and ________ the equilibrium quantity of wheat
A) raise; increase B) raise; decrease C) lower; increase D) lower; decrease
When the Federal Open Market Committee (FOMC) votes on policy, they do so
A) in the following order: the chair, the vice chair, the remaining FOMC members in alphabetical order. B) in order based on seniority at the Fed. C) in the following order: the chair, the vice chair, the remaining FOMC members by seniority at the Fed. D) in alphabetical order.
Autarky is a situation in which a country is economically
A. dependent on trade. B. underdeveloped. C. self-sufficient. D. destroyed.
Suppose you want to open a T-shirt shop. Which of the following would be most helpful in deciding how to price your T-shirts?
(A) Market demand schedule (B) Demand curve (C) Market demand curve (D) Demand schedule