The total quantity of goods and services demanded by households, firms, foreigners, and government at varying price levels is
a. real GDP
b. aggregate demand
c. market demand
d. total demand
e. nominal GDP
B
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The expression "There's no such thing as a free lunch" means
a. that even if the lunch is free, we pay for it in extra calories b. that resources used up in producing the lunch are not available to satisfy other wants c. the same thing as "The best things in life are free" d. you can eat only if you work first e. neither sea water nor air is free
Over the past six decades, the U.S. economy has experienced a dramatic increase in the relative importance of international trade and finance
a. True b. False Indicate whether the statement is true or false
What happens to the monetary base if people, fearing a bank run, convert their checking deposits into currency holdings?
What will be an ideal response?
Refer to Figure 28-2. Suppose the economy is at point A in the figure above. Which of the following is true?
A) Actual inflation is 1%. B) The economy will move from A to B. C) The expected rate of inflation is 5.5%. D) The current unemployment rate is 3.8%. E) The current unemployment rate is equal to the natural rate of unemployment.