Gross domestic product is
What will be an ideal response?
the market value of final goods and services produced within a country during a time period.
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Explain why the variance of an investment is a useful measure of the risk associated with it
What will be an ideal response?
The branch of economics that applies the principles and methodology of economics to the operation of the political process is known as
a. private choice analysis. b. public choice analysis. c. government operations analysis. d. policy preference analysis.
Increases in aggregate demand
A. lead to increases in real interest and unemployment rates if there is considerable excess capacity in the economy. B. result only in inflation when the economy operates at its maximum productive capacity. C. may be caused by ever-greater downward pressures on prices and wages if reserve requirements are raised. D. may be caused by an increase in taxes. E. increase both inflation and the unemployment rates.
For any pair of countries, there is
A. one single exchange rate that will lead automatically to both countries realizing the gains from specialization and comparative advantage. B. a range of exchange rates that can lead automatically to both countries realizing the gains from specialization and comparative advantage. C. a range of exchange rates that can lead indirectly to one country realizing the gains from specialization and comparative advantage, but not the other country. D. one single exchange rate that will lead indirectly to one country realizing the gains from specialization and comparative advantage, but not the other country.