Which of these describes the real gross domestic product?
a. Gross domestic product from which depreciation costs have been deducted
b. Gross domestic product that has been adjusted for changes in the price level
c. Gross domestic product from which taxes have been deducted
d. Gross domestic product that has been adjusted for changes in exchange rate
e. Gross domestic product that has been adjusted for changes in interest rates
b
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According to Keynesians, an increase in the money supply will
Which of the following statements is false?
A) Imports and exports account for over one-half of the GDP of the Netherlands. B) China is the leading exporting country, accounting for 10.3 percent of total world exports. C) Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice, and corn crops. D) Japan is less dependent on foreign trade than is the United States.
The owner of a garage makes large contributions to a politician who is seeking the office of state governor. If his candidate wins, he will get the contract, which now resides with a competitor, to repair State Police vehicles. This is an example of
A. moral hazard. B. externality. C. rent seeking. D. investment.
A famous opera star made $2 million per year. He said he would rather sell insurance if he couldn't make more than $500,000 per year. If he is telling the truth, how much is he being paid in economic rent?
A. $2.5 million B. $2.0 million C. $1.5 million D. $500,000