The total market value of all final goods and services produced within a given period by factors of production located within a country is
A. gross national product.
B. net national income.
C. gross domestic product.
D. net national product.
Answer: C
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Savings for an economy is equal to:
A. private savings ? public savings. B. public savings ? private savings. C. private savings + public savings. D. investment ? net exports.
What is a currency band?
a. a limit below which the currency is not allowed to fall b. a limit above which the currency is not allowed to rise c. a fixed rate regime with some small variation allowed, up or down d. a very rigid control of the currency-no variation allowed
Suppose that the overnight interest rate falls to the lower bound and output is below potential output. A central bank could:
A. use its balance sheet to expand the monetary base. B. seek to reduce expectations of future policy rates. C. purchase securities of different maturities to affect their market prices and rates. D. all of the answers given are correct.
The government increases taxes. As a result, in the short run, real GDP ________ and the price level ________
A) increases; rises B) decreases; falls C) decreases; rises D) increases; falls