Using dollar values to calculate GDP is advantageous because
a. people can most easily understand dollar amounts
b. it employs a common unit of measurement for very different things
c. less valuable goods count the same as more valuable goods
d. other methods of calculating production are not as intuitively clear
e. money is a universal yardstick for measurement
B
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Which of the following statements is most correct if the Fed sees no need to engage in expansionary monetary policy?
A. It will be impossible for the Fed to shrink its balance sheet. B. Eventually, the Fed will shrink its balance sheet by letting securities it holds expire. C. The Fed is likely to increase the size of its balance sheet. D. The Fed will likely shrink its balance sheet rapidly.
Economic growth is measured by
A) increases in the population. B) increases in GDP. C) increases in per capita real GDP. D) increases in the value of the total output of society.
In economics, the short run refers to a period of time in which
a. demanders can change their minds about what to buy at what prices b. demanders and suppliers can negotiate prices c. price is fixed d. suppliers can change some, but not all, of their inputs e. output is fixed
In a country with a working-age population of 22 million, 16 million are employed, 2 million are and 1 million of the employed are working part-time, half of whom wish to work full-time. The employment-to-population ratio is
A) 65 percent. B) 57.5 percent. C) 72.7 percent. D) 75.5 percent. E) none of the above.