In the United States in 2015, consumption represented slightly less than
a. 60 percent of GDP.
b. 70 percent of GDP.
c. 80 percent of GDP.
d. 90 percent of GDP.
b
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Suppose that because of inflation, the absolute price of a gallon of milk increases by 20% and the absolute price of a gallon of gasoline increases by 10%. In this situation, the price of milk relative to the price of gasoline
a. falls. b. rises. c. remains the same. d. changes unpredictably.
If the Japanese government enters the foreign exchange market and purchases yen to maintain a specific exchange rate with the dollar, the dollar will ________ and the yen will ________
A) depreciate; depreciate B) depreciate; appreciate C) appreciate; depreciate D) appreciate; appreciate
The phenomenon that some consumers pay a higher interest rate when they borrow than the interest rate they receive when they lend is best described as an example of
A) irrational behavior. B) a credit market imperfection. C) a vast banking conspiracy. D) the burden of public debt.
The power of the supply and demand model lies in its ability
A) to generally predict how price and quantity will change with supply and demand shocks. B) to precisely predict the impact of government regulations on quantity and price. C) to precisely determine the difference between price ceilings and price floors. D) to generally predict how profit motive impacts the distribution of goods and services.