Iceland's real GDP grows at a rate of 2.6 percent and population grows at a rate of 0.8 percent. Iceland's real GDP per person grows at a rate of
A) 3.0 percent. B) 1.8 percent. C) 2.6 percent. D) 3.4 percent. E) 3.2 percent.
B
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Which of the following statements is true of Black Wednesday?
A) Following Black Wednesday, the British pound became less valuable relative to the German mark. B) Currency traders who had borrowed pounds to buy German marks incurred huge losses due to Black Wednesday. C) The British government earned enormous profits by selling foreign currency reserves following Black Wednesday. D) Following Black Wednesday, the British pound became more valuable relative to the German mark.
According to the equation of exchange, if the quantity of money is $20 billion, velocity 3, and real GDP is $6 billion, then the price level is
A) 10. B) 1.1. C) 2. D) 1.6. E) 40.
The elasticity of demand for gasoline has been estimated to be ?2.0, and the standard error is 0.25. The t-statistic for the estimated elasticity of demand for gasoline is:
A. 0.5, indicating a statistically significant elasticity estimate at the 95 percent confidence level. B. 8, indicating a statistically insignificant elasticity estimate at the 95 percent confidence level. C. ?8, indicating a statistically significant elasticity estimate at the 95 percent confidence level. D. ?0.5, indicating a statistically insignificant elasticity estimate at the 95 percent confidence level.