Which term measures production well and indicates when a country is materially better or worse off in terms of jobs and incomes?
a. GDP
b. Standard of living
c. GDP per capita
d. Nominal GDP
a. GDP
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Step one in the scientific method is
a. formulate a hypothesis b. reflect an opinion c. specify assumptions d. identify the question and define relevant variables e. test the hypothesis
Moral hazard encourages people to take risks.
Answer the following statement true (T) or false (F)
If a British businessman sells U.S. government securities to a U.S. buyer, how will this item be entered in the balance of payments?
A. It will appear in the financial account as an increase in foreign assets held by U.S. residents. B. It will appear in the trade account as an import. C. It will appear in the financial account as a decrease in the U.S. assets held by foreigners. D. It will appear in the trade account as an export.
When a bank grants a loan to a customer who then keeps the funds in her checking account at that bank, then the bank's:
A. Actual reserves will increase B. Required reserves will increase C. Actual reserves will decrease D. Excess reserves will stay the same