According to the classical economists, actual real GDP
A. never equals actual aggregate income.
B. is not related to aggregate income.
C. always equals actual aggregate income.
D. sometimes equals actual aggregate income.
Answer: C
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Between 1914 and 1920, the US price level ______________
a. fell dramatically. b. nearly doubled. c. rose and fell in accordance with intensity of the war. d. remained relatively stable.
How does a laissez-faire economy decide which consumer gets each of the goods that has been produced?
An example of a supply shifter is:
A) demographic characteristics. B) technology. C) income. D) consumer expectations.
Which would be a liability on a balance sheet of a commercial bank?
a. An outstanding commercial loan b. A U.S. Treasury bond c. A certificate of deposit issued by the bank d. Vault cash e. None of the above