Dave, a U.S. citizen buys a bicycle manufactured in China. Dave's purchase is
a. both a U.S. and Chinese export.
b. both a U.S. and Chinese import.
c. a U.S. import and a Chinese export.
d. a U.S. export and a Chinese import.
c
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In order to reduce inflationary pressure on the economy, what fiscal policy can the government use?
A) increase government expenditure on goods and services B) cut interest rates C) increase the quantity of money D) raise taxes E) cut taxes
From a point inside the production possibility frontier, a. more of one good can be produced only by sacrificing some output of another good
b. it is possible to increase production of both goods. c. it is impossible to increase production of either good with current resources and technology. d. increased output of both goods can only occur if the production possibility curve shifts outward.
If a bank has excess reserves,
a. its reserves are greater than its liabilities. b. it can make a loan if it wishes. c. it cannot make a loan if it wishes. d. it must borrow from the Fed.
If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1, what was the approximate economic growth rate during this time period?
A. 9.7 percent B. 2.4 percent C. 3.5 percent D. 2.6 percent