Guns and butter are used to represent the classic societal tradeoff between spending on
a. durable and nondurable goods.
b. imports and exports.
c. national defense and consumer goods.
d. law enforcement and agriculture.
c
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Consumers in an economy buy only three general types of products: A, B, and C. Changes in the prices of these items over a period are shown below: Average Price per UnitProductQuantityYear 1Year 2A10$10$8B152022C85055Using year 1 as the base year, the country's price index in year 2 is ________.
A. 100.0 B. 105.2 C. 106.3 D. 103.9
The account that records changes in the U.S. government's holdings of foreign currency is the
A) capital and financial account. B) official settlements account. C) current account. D) U.S. official reserves account.
A bank's liabilities are
A) included as part of the bank's reserves. B) things owned by or owed to the bank. C) things the bank owes to someone else. D) a measure of the bank's net losses.
The total value of government securities held by individuals, businesses, government agencies, and the Federal Reserve is known as
a. negotiable IOUs b. money market funds c. the deficit d. public debt e. general (private and public) debt