If the real gross domestic product (GDP) for the base year is $4 trillion, then the nominal gross domestic product (GDP) for that year is _____
a. ?$.04 trillion
b. $0.4 trillion
c. $4 trillion
d. $40 trillion
e. $400 trillion
c
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The Fed uses a "core" price index, one that excludes food and energy prices to measure inflation. It does so because
A) food and energy have inelastic demand curves and consumers will buy them regardless of their price. B) food and energy prices have wide swings that are not related to the causes of general inflation. C) food and energy prices do not change all that much during the short run, so are irrelevant to the calculation of inflation. D) it wants to avoid the blame for high gasoline prices causing inflation.
The AD Curve ________
A) demonstrates how central banks respond to changes in interest rates by changing the inflation rate B) shows how changes in equilibrium output affect the inflation rate C) explains long run fluctuations in output and inflation D) all of the above E) none of the above
The welfare cost of taxation _____
a. occurs because individuals try to avoid the tax to some degree b. is not the same thing as the excess burden of taxation c. occurs because individuals refuse to pay the tax d. cannot, in theory, be calculated
Over the last 50 years or so, the rate of growth of average working hours has been mostly negative
a. True b. False