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True or False.  Banks allow a complex economy to carry a range of transactions that occur in goods, labor, and financial capital markets

GDP most closely measures:

According to the circular flow diagram/model, who demand inputs in the resource market?

Which of the following statements about production possibilities is true?

Which of the following individuals is part of the labor force?

Which of the following serves as the central bank for private commercial banks and thrifts in the United States?

Citizens in Seattle enjoy consuming cups of coffee.  Each cup requires 5 people to produce it and it takes 1 week to produce a cup of coffee.  If Seattle has 800,000 residents what is the maximum number of cups of coffee the residents can consume in a week? 

Which of the following individuals is part of the labor force?

Suppose the following data describe output in two different years: Item Year 1 Quantity Year 1 Price Year 2 Quantity Year 2 Price Oranges 15,000  $     0.25 20,000  $       0.30 Computers 600  $775.00 700  $  825.00 Video Games 8,000  $     0.80 10,000  $       1.10 Compute nominal GDP in year 2 (Enter as a numeric value e.g. 100000)

Coins held in commercial bank vaults are