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the total amount of money in the economy at a particular time
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- Trade restrictions are often motivated by a desire to save domestic jobs threatened by competition from imports. Which of the following counter-arguments is made by economists who oppose trade restrictions?
- 1. ECB creates new money to buy financial assets (bonds)2. increased demand for bond means return (yield) reduces3. banks now have surplus cash from sale of bonds4. banks can now pay lower interest rate5. commercial banks now have more cash to lend out to businesses and individuals 6. this increases inflation
- Why qualify the statement about GDP as a summary statistic by including the phrase "or seems to"?A.As a summary statistic, GDP places too much emphasis on the negative effects of crime, pollution, or other social problems.B.As a summary statistic, GDP overlooks some areas of production that take place in an economy.C.As a summary statistic, GDP tends to focus more on measuring individuals' well-being rather than measuring an economy's total production.D.As a summary statistic, GDP overstates production by including the value of goods produced illegally.