1. When economists use market values to aggregate output, they sum the:
- quantity of items produced.
- social value of items produced.
- price times the quantity of each item produced.
- number of items produced.
- amount of each item produced.
1 of 20
Other questions in this quiz
2. People who enjoy high standards of living usually have all of the following EXCEPT:
- freedom from scarcity.
- better general health.
- more and better consumer goods.
- longer life expectancies.
- higher literacy rates
3. The nominal interest rate equals the
- real interest rate divided by the inflation rate.
- inflation rate times the real interest rate.
- real interest rate minus the inflation rate
- real interest rate plus the inflation rate.
- inflation rate minus the real interest rate.
4. The tendency of changes in asset prices to affect spending on consumption goods is called the _____ effect.
5. A higher equilibrium Y and a lower equilibrium i are best explained by _____
- an decrease in the money supply
- an increase in the money supply
- an decrease in autonomous expenditure
- an increase in autonomous expenditure
- an increase in money demand