Since 1950, the standard of living in the United States has:
A. decreased when measured by output per person, but increased when measured by total output.
B. decreased when measured by both total output and output per person.
C. increased when measured by output per person, but decreased when measured by total output.
D. increased when measured by both total output and output per person.
Answer: D
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Perhaps the most compelling argument against the redistribution of income is that __________.
a. it does not work b. it is unfair c. we cannot afford it
The demand for foreign currency in the United States
a. increases as the level of imports increases b. increases as the level of exports increases c. decreases with the lowering of the inflation rate abroad d. decreases as foreign interest rates rise e. is unaffected by U.S. demand for goods and services abroad
When we compare PAE and actual output (Y) if PAE is greater than Y we expect that:
A. eventually production will decrease. B. eventually production will increase. C. the government will intervene by cutting down on taxes. D. there will be no change in aggregate production.
In 2005, the European Union began a program to
A. allow the trading of carbon-dioxide permits among firms. B. reduce greenhouse gas emissions by 10 percent within 5 years. C. eliminate greenhouse gas emissions by 50 percent within 15 years. D. subsidize firms that pollute more than a given limit.