The value of output was $1,000 billion in Northland and $2,000 billion in Southland. The population of Northland was 50 million and the population of Southland was 120 million. There were 30 million employed workers in Northland and 75 million employed workers in Southland. Average labor productivity was higher in ________ and the standard of living was ________.
A. Southland; the same in both countries
B. Southland; higher in Southland
C. Northland; higher in Northland
D. Northland; the same in both countries
Answer: C
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Refer to Exhibit 16-5. If the economy is at point 6, and the natural unemployment rate exists at points 1, 4, and 5, it follows that Group of answer choices
A) Real GDP is greater than Natural Real GDP. B) Real GDP is less than Natural Real GDP. C) Real GDP is the same as Natural Real GDP. D) the economy is in a recessionary gap. E) b and d
Decreasing the reserve requirement ratio is
A) a contractionary policy because it lowers the amount of total reserves in the banking system. B) a contractionary policy because it lowers the amount of excess reserves in the banking system. C) an expansionary policy because it raises the amount of excess reserves in the banking system. D) an expansionary policy because it raises the amount of required reserves in the banking system.
Exports are
A. Not included in GDP. B. Goods and services purchased from foreign sources. C. Goods and services produced by the public sector. D. Goods and services sold to international buyers.
The first structured investment vehicle (SIV) was set up by ________ in 1988
A) J.P. Morgan B) Chase C) Citigroup D) Goldman Sachs