In order to have ________ distribution of final products to households, free and open markets are essential.
A. an efficient
B. a fair
C. an equitable
D. All of the above are correct.
Answer: A
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We measure gross domestic product by multiplying the quantities of goods by their prices because it allows us to
A) calculate the total number of units of goods produced in an economy. B) correct for inflation. C) directly compare the output of one economy to that of another. D) express the values of products in a common unit of measurement.
Everything else remaining unchanged, if the demand curve for reserves shifts to the left and borrowed reserves is zero:
A) there will be a decrease in both the federal funds rate and the quantity of reserves. B) there will be a decrease in the federal funds rate but no change in the quantity of reserves. C) there will be an increase in the federal funds rate but no change in the quantity of reserves. D) there will be an increase in both the federal funds rate and the quantity of reserves.
Which of the following holds that business cycles are primarily due to changes in technology and does not invoke any monetary or demand-side forces?
A) the real business cycle theory B) the efficiency wage theory C) rational expectations hypothesis D) Keynesian economics
Why are state and local governments negatively affected by a rise in immigration?
a. Increased expenditures on education and welfare b. Additional requirements to comply with employment laws c. Increased administration costs from federal government d. Decreased influx of income and sales taxes