Real GDP per person is slowly converging around the world
Indicate whether the statement is true or false
FALSE
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
The value of what a U.S.-owned McDonald's produces in South Korea is included in the U.S. ________ and the South Korean ________
A) GNP; GDP B) GDP; GDP C) GNP; GNP D) GDP; GNP
All of the following describe the market for credit default swaps on mortgage-backed securities in the mid-2000s EXCEPT
A) an increasing number of buyers were speculators. B) AIG apparently underestimated the risk involved with mortgage-backed securities. C) the volume of credit default swaps was too low making it difficult to assess their value. D) payments by buyers were too low relative to risk.
Some economists argue that corporate income taxes are typically not paid by firms, but by
A. the board of directors of the firm. B. the government. C. bond holders. D. stockholders, employees, and consumers.