Right-to-work laws enacted in some states prohibit
A. open shops.
B. union shops.
C. both open shops and union shops.
D. neither open shops nor union shops.
B. union shops.
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
If in some year gross investment was $120 billion and net investment was $65 billion, then in that year the country's capital stock:
a) may have either increased or decreased. b) increased by $65 billion. c) increased by $55 billion. d) decrease
Which of the following would NOT be included as final product when computing GDP for the United States?
a. An imported Zenith television, purchased by an American consumer in New York, produced in a U.S.-owned plant in Singapore using parts produced in Singapore. b. A Honda lawn mower produced in a Japanese-owned plant in North Carolina using parts also produced in the United States. c. A Boeing 757 airplane produced in the United States and purchased the same year by Japan Airlines for use in Japan. d. An electric smelting furnace produced in a U.S. factory and purchased in the same year by the Billings Steel Company in Alabama for use in the production of steel.
Assume an economy is in equilibrium at an output level of $2,000 billion. If government spending decreases by $500 billion, then at the output level of $2,000 billion, there is
A. an unplanned fall in inventories. B. an unplanned inventory change of zero. C. an unplanned rise in inventories. D. either an unplanned increase or decrease in inventories depending on the value of the MPC.