As a general rule,
a) large economies tend to be more open than small economies
b) small economies tend to be more open than large economies
c) small economies tend to export more services than goods
d) small economies tend to have greater diversity of exports than large economies
e) small economies tend only to trade with each other, and large economies tend to do the same
b) small economies tend to be more open than large economies
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The Federal Reserve econometric model estimates that a 1 percent increase in the money supply will
A) increase real GDP by 1 percent after 3 years. B) increase real GDP by 2 percent in 3 years. C) increase real GDP by 3 percent 3 years. D) have no effect on real GDP after 2 years.
When the economy reaches a trough in a business cycle, which of the following will occur?
A) Income, production, and employment will continue to fall. B) Income, production, and employment will begin to rise. C) Income and production will rise, but employment will continue to fall. D) Employment rises, but income and production will continue to fall.