Refer to the data. The gross domestic product is:
A. $328.
B. $301.
C. $382.
D. $333.
B. $301.
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An example of a microeconomic decision is a situation in which
A) the Federal Reserve considers how much to increase the money supply during the coming month in an effort to constrain the rate of inflation. B) Congress and the president seek to reach a compromise on how much to increase government spending in an effort to influence national expenditures. C) a firm evaluates how much to reduce the price of its product in an effort to influence sales and boost its profits. D) the U.S. Treasury contemplates buying foreign currencies in an effort to influence exchange rates with an aim to boosting demand for U.S. goods and services.
The adage, "There is no such thing as a free lunch," means
a. even people on welfare have to pay for food. b. the cost of living is always increasing. c. people face tradeoffs. d. all costs are included in the price of a product.
Which of the following arguments for trade restrictions is often advanced?
a. Trade restrictions make all Americans better off. b. Trade restrictions increase economic efficiency. c. Trade restrictions are necessary for economic growth. d. Trade restrictions are sometimes necessary for national security.
The required reserve ratio is 10 percent, but banks actually keep 20 percent on reserve. The actual money multiplier will be
A. 10 B. 9 C. 5 D. 2 E. 1