To facilitate the international comparisons of living standards around the world, adjustments are supposed to be made to each country's GDP. These adjustments require:
A) each country's GDP should be multiplied by its general price level
B)there is no need for adjustments since, each country's GDP is the representative of its standard of living
C) calculating each country's GDP in terms of U.S. dollar, dividing it by the general price level and, subtracting
the previous year's value of the country's GDP from it.
D) converting each country's GDP to US dollars' dividing it by the country's population and, to adjust the resulting figure for the purchasing power parity.
D) converting each country's GDP to US dollars' dividing it by the country's population and, to adjust the resulting figure for the purchasing power parity.
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What are the two tools of fiscal policy that governments can use to stabilize an economy?
A) taxation and controlling exports B) government spending and taxation C) government spending and technology improvements D) taxation and controlling imports
The state Department of Agriculture raised the minimum price for a gallon of milk in the city on Tuesday to $4.37
"If you've got two or three kids and you're living on a fixed income and you're paying half your income on rent," Gioia said, "then you're really in a bind and you're making choices you should never have to make." If even after this price increase Gioia's marginal utility per dollar is higher for milk than for other goods, what should Gioia do? A) increase her consumption of milk B) decrease her consumption of milk C) not change her consumption of milk D) increase her consumption of milk only if her income increases
Make an argument for user charges being both efficient and equitable. What information can user charges provide us that free provision can not?
What will be an ideal response?
The figure above shows supply curves for soft drinks. Suppose the economy is at point a. A movement to point b could be the result of
A) an increase in technology. B) a decrease in the relative price of a soft drink. C) an increase in the relative price of a soft drink. D) an increase in the money price of a soft drink.