Personal consumption expenditures:
a. represent close to two-thirds of GDP.
b. are equal to personal income minus individual taxes.
c. include durable good purchases but not nondurable good purchases.
d. do not include any intangible consumption items.
e. include all goods and services bought by the government.
a
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The population of Omega totals one million people, 30 percent of whom are employed. Average output per worker in Alpha is $30,000. Real GDP per person in Alpha totals:
A. $9,000. B. $100,000. C. $21,000. D. $30,000.
The Federal Reserve System is organized into ________ Federal Reserve districts
A) 6 B) 10 C) 12 D) 15 E) 50
In the fourteenth century, the Western African Emperor Kankan Musa traveled to Cairo where he gave away much gold, which was in use as a medium of exchange. We would predict that this increase in gold
a. raised both the price level and the value of gold in Cairo. b. raised the price level, but decreased the value of gold in Cairo. c. lowered the price level, but increased the value of gold in Cairo. d. lowered both the price level and the value of gold in Cairo.
The current international monetary system is best described as a
A) fixed exchange rate system. B) flexible exchange rate system. C) managed flexible exchange rate system. D) dollar standard. E) gold standard.