When you have a job and your employer compensates you for your time with money, resulting in both of you being better off, it is an example of a voluntary exchange

To decrease the money supply the Fed can:

A. Reduce the reserve requirement, raise the discount rate, or sell bonds. B. Raise the reserve requirement, raise the discount rate, or sell bonds. C. Raise the reserve requirement, reduce the discount rate, or buy bonds. D. Raise the reserve requirement, raise the discount rate, or buy bonds.

For the best indication of the material standard of living of the typical person in society, focus should be placed on

A) real GDP. B) nominal GDP. C) real GDP per capita. D) nominal GDP per capita.