Author: Anonymous

Suppose the following data describe output in two different years: Item Year 1 Quantity Year 1 Price Year 2 Quantity Year 2 Price Oranges 15,000  $     0.25 20,000  $       0.30 Computers 600  $775.00 700  $  825.00 Video Games 8,000  $     0.80 10,000  $       1.10 Compute nominal GDP in year 2 (Enter as a numeric value e.g. 100000)

Members of the Federal Reserve Board of Governors are appointed for one fourteen-year term so that they:

I am a farmer but the demand for my line of work is outdated and I am searching for work.  What type of unemployment occurred?

Coins held in commercial bank vaults are

Checkable deposits are

_______________ include both the private costs incurred by firms and also costs incurred by third parties outside the production process.

A price floor is:

Suppose Chase Bank has checkable deposits of $15,000,000 and a reserve requirement of 20%.  How much do they have in excess reserves to loan out? (Enter your answer as a numeric value no dollar sign)

True or False.  One of the limitations of GDP is that is does not account for leisure time.

Coins held in commercial bank vaults are