Measurement of economic values after adjustments have been made for changes in the average of prices between years in known as
A. a deflator.
B. real values.
C. nominal values.
D. the price index.
Answer: B
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If the cross-price elasticity of demand between blueberries and yogurt is negative, then the two goods are:
A. normal goods. B. inferior goods. C. substitutes. D. complements.
If the federal budget has an actual budget deficit of $100 billion and a cyclically adjusted budget deficit of $75 billion, then the economy
A) must be at potential real GDP. B) must be above potential real GDP. C) could be below or above potential real GDP. D) must be below potential real GDP.
In a small open economy,
Sd = $5 billion + ($100 billion) rw, Id = $10 billion - ($50 billion) rw, Y = $50 billion, G = $3 billion, rw = .06. (a) Calculate the current account balance. (b) Calculate net exports. (c) Calculate desired consumption. (d) Calculate absorption.
Suppose the central bank of Blugonia has the responsibility of controlling the supply of money in the economy. This responsibility of the central bank is considered a part of _____
a. budget balancing b. decentralized banking c. monetary policy d. trade policy