Nonmarket transactions are omitted from GDP because ______.
a. they are covered by other economic measurements.
b. people who do them are often illegal aliens
c. they fail to make enough of an impact on the economy
d. reliable information is lacking for them
d. reliable information is lacking for them
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If workers believe that government policymakers will increase aggregate demand to avoid a politically unpopular increase in unemployment when workers demand higher wages, then workers will not fear higher unemployment and their wage demands will
result in A) demand-pull inflation. B) hyperinflation. C) deflation. D) cost-push inflation.
Currencies that are not backed by precious metals of equal value are called:
a. Repurchase agreements. b. "Trouble" – with a capital "T." c. Near money. d. Fiat money. e. Eurodollars.
The cross-price elasticity of demand between goods X and Y
A. measures the responsiveness of the quantity of X demanded to changes in the price of Y. B. is the percentage change in the price of Y divided by the percentage change in the quantity of X demanded. C. is greater than zero if X and Y are substitutes. D. both a and c E. all of the above
The government collects tax revenue of $100 million and has $105 million in outlays. The budget balance is a
A) surplus of $5 million. B) deficit of $5 million. C) surplus of $105 million. D) deficit of $105 million. E) surplus of $100 million and a deficit of $105 million.