Refer to the information provided in Figure 26.2 below to answer the question(s) that follow.
Figure 26.2Refer to Figure 26.2. At $900 billion, this economy
A. is producing below its capacity.
B. reaches its capacity.
C. is above its production capacity.
D. Any of the above can be correct
Answer: B
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In 1961, real GDP totaled $575 billion and in 2011 it totaled $1,255 billion. Between 1961 and 2011, the population increased from 50 million to 100 million. Between 1961 and 2011, the standard of living based on real GDP per person
A) decreased from $125,500 to $28,750. B) increased by about 118 percent. C) increased from $11,500 to $12,550. D) decreased by 9 percent. E) increased by over 300 percent.
The routes or channels that ripple effects created in the money market travel to impact the goods-and-services market are known as
A) the transmission lag. B) monetary policy. C) the liquidity trap. D) the transmission mechanism.