A change in economic output is ________ if the value of the resulting gains exceeds the value of the resulting losses.

In a closed economy, which of the following equations reflects investment? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)

A) Y - T + TR B) Y - C - T C) C + G -T D) Y - C - G

All twelve Federal Reserve Bank presidents

A) attend Federal Open Market Committee Meetings. B) vote on decisions regarding the discount rate. C) vote on decisions regarding the prime rate. D) vote on decisions regarding bank reserve requirements.