(The following national income data for an economy are in billions of dollars.)
Refer to the above data. The national income in this economy can be estimated by adding items:
A.
1 through 7
B.
8 through 11
C.
2 through 7
D.
1 through 13
C.
2 through 7
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Suppose tastes for consumption now and consumption in the future have constant elasticity of substitution. It may then be the case that a tax on interest income is efficient even if savings fall in response to the tax.
Answer the following statement true (T) or false (F)
A person is dynamically consistent if:
A. his preferences over the alternatives available at some future date change as the date approaches. B. his preferences over the alternatives available at some future date do not change as the date approaches. C. he is also statically consistent. D. None of these is correct.
Which statement is true?
A. Derived demand is the demand for resources. B. Resources are measured by units of outputs. C. Final demand is measured by units of inputs. D. None of the statements are true.
Inflation frees policy makers from:
A. the zero interest rate upper bound. B. the 2.5 percent interest rate lower bound. C. the 2.5 percent growth rate bound. D. the zero interest rate lower bound.