From 1865 to 1910, the U.S. share of world trade was
(a) nonexistent.
(b) miniscule.
(c) disproportionately small compared to the British.
(d) disproportionately high compared to the U.S. population.
(d)
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At the end of 2008, the federal funds rate in the United States was close to zero. Which of the following is a major concern associated with such a low rate?
A) That traditional monetary policy will have no impact on the economy. B) Such a low rate spurs excessive consumption and investment spending which may lead to inflation. C) Such a low rate spurs excessive consumption and investment spending which may lead to deflation. D) Economic agents might be unwilling to borrow in anticipation of even lower interest rates.
In a closed economy, if the goods market is in equilibrium, national saving is $2 trillion, national consumption is $7 trillion, and government purchases are $2.5 trillion, then GDP equals
A) $7 trillion. B) $9.5 trillion. C) $11.5 trillion. D) Not enough information has been provided to determine the answer.