GDP is defined as the
a. value of all goods and services produced within a country in a given period of time.
b. value of all goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.
c. value of all final goods and services produced within a country in a given period of time.
d. value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.
c
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Time inconsistency means
A) taking different decisions at different times despite facing the same situation. B) making policy choices that violate the intertemporal budget constraint. C) deciding to do something tomorrow, and then doing something different tomorrow. D) adding a random factor to decisions.
An increase in the price of labor used to produce good Y will lead to
A) an increase in the market clearing price of good Y. B) an increase in the supply of good Y. C) a decrease in the demand for good Y. D) an increase in the demand for good Y.
Which of the following best represents the effects of a decrease in the price of tea? a. A leftward shift in the demand for tea
b. A downward movement along the demand curve for tea. c. A rightward shift in the demand for tea. d. An upward movement along the demand curve for tea.
In response to the sharp decline in stock prices in October 1987, the Federal Reserve
a. increased the money supply and increased interest rates. b. increased the money supply and decreased interest rates. c. decreased the money supply and increased interest rates. d. decreased the money supply and decreased interest rates.