Gross domestic product (GDP) is a poor measure of social well-being because:
a. the value of leisure time is included in GDP accounting. b. the revenue earned through exports is ignored
c. each dollar of government spending is valued at less than one-half of private spending.
d. consumer spending is more important than business spending and should be considered more valuable.
e. it values products at their market prices but ignores services produced.
a
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A supply of foreign exchange occurs in the United States when
a. a U.S. citizen wants sells stock on a European stock exchange. b. the United States exports steel to Japan. c. United States citizens travel abroad. d. All of the above
If the nominal interest rate is 5 percent and the rate of inflation is -2.5 percent, then the real interest rate is
a. -7.5 percent. b. -2.5 percent. c. 2.5 percent. d. 7.5 percent.